A large part of the cost of an electric car is the cost of the battery. Today, Tata Motors said that the cost of producing electric cars has decreased due to the reduction in battery prices. Which means buyers can see a drop in EV prices as well. Tatas currently have the largest share of the passenger electric vehicle market in India.
Lower battery costs will make EVs cheaper
Shailesh Chandra, managing director of Tata Motors' passenger vehicle and electric mobility business, said the price gap between petrol-diesel vehicles and electric vehicles is gradually narrowing. He said this at Bharat Mobility Global Expo. In other words, buyers can expect cheaper EVs in the coming days.
Especially those who are planning to buy Tata Motors electric cars in the future. If you look at the pictures of the last few months, several companies including Tata, Hyundai, MG, Audi have launched electric cars in the country. EVs cost more than what it costs to make a gasoline or diesel-powered car. Because companies require many imported components in these cars.
Besides, companies import various battery related raw materials from foreign countries. As a result, the price increases beyond the affordability. However, Tata Motors said that the price of batteries has come down a lot. A major contribution to an EV is the battery. Bearing that cost forces companies to keep the price of EVs high. Shailesh Chandra is also optimistic about EV mobility in the country. According to him, the scope of the car market is going to increase.
Incidentally, Tata Motors has introduced Sierra EV and Harrier EV at this Auto Expo. The modern design of the cars has caught the attention of many. Although they are yet to be officially launched. Also, India's largest automaker Maruti Suzuki unveiled the country's first electric car e Vitara at this Auto Expo. For all these reasons, experts believe that the future EV market is bright.