Throughout 2023, the rise of Electric cars has outpaced that of the entire passenger vehicle market. While the Electric cars segment grew at a rate exceeding 90%, the photovoltaic industry enjoyed positive growth of approximately 8%. This increase occurred when the majority of people believed that EVs were more expensive than ICE cars. However, Union Minister Nitin Gadkari has often stated that EV costs will decrease and eventually match those of ICE cars.
The same thing has happened recently:
EV costs have decreased and could still drop. Tata Motors subsidiary Tata Passenger Electric Mobility Limited (TPEM), led by Chief Commercial Officer Vivek Srivatsa, said in this regard, “Battery cost is a major part of the total cost of EV. Battery cell prices have declined in the recent past and may further decline shortly.”
Tata Motors has slashed the pricing
of its Nexon EV and Tiago EV by up to Rs 1.2 lakh in response to the decline in battery cell prices. As of right now, the Tiago EV starts at Rs 7.99 lakh, while the Nexon EV starts at Rs 14.49 lakh. According to Srivatsa, “Our mission is to accelerate the adoption of EVs across the country by making them more accessible.”
Moreover, MG lowered EV costs.
MG is the nation’s top seller of electric vehicles, trailed only by Tata Motors. It has just lowered the cost of its EV as well. The ZS EV and Comet EV are the two electric vehicles in its India portfolio. Following the price reduction, Comet EV’s starting price is now Rs 6.99 lakh while the starting price of ZS EV has become Rs 18.98 lakh.
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