NITI Aayog CEO Amitabh Kant on Wednesday said the cost of electric vehicles will almost become at par with combustion engine cars in the next 3-4 years, largely owing to decline in battery price and India should be ready for this transition.
Observing that India has 28 cars for every 1,000 people, much lower as compared to the US or Europe which have 980 and 850 cars for 1,000 people respectively, Kant said this means as India transits towards urbanisation the future will all be electric, shared and connected.
“We will transit towards there as the cost of battery falls from 276 dollars per kilowatt hour (kWh) to 76 dollars per kilowatt/hour. The cost of electric vehicles will almost become at par with combustion (engine) cars in the next 3-4 years,” the NITI Aayog CEO said while addressing a CII event here.
Electric vehicles generally use lithium ion batteries.
He said when this happens it is important that India should have done adequate spadework that our three-wheelers, four-wheelers and our buses all become electric in due course and we are able to save a huge amount of crude oil Raed More