Electric vehicles (EVs) tend to be relatively expensive in India for several reasons:
High Initial Costs: The primary reason for the higher cost of electric vehicles in India is the high initial manufacturing cost. EVs typically incorporate advanced technology, such as lithium-ion batteries, electric motors, and power electronics, which can be expensive to produce. These components contribute significantly to the overall cost of an EV. Battery Costs: The battery is the most expensive component of an electric vehicle, accounting for a substantial portion of the vehicle's total cost. While battery prices have been declining globally, they still represent a significant cost factor. In India, factors like import duties and taxes on lithium-ion batteries can further increase the cost. Lack of Domestic Battery Manufacturing: India relies heavily on imported lithium-ion batteries, which can increase the cost due to import duties, taxes, and currency fluctuations. The lack of a robust domestic battery manufacturing industry contributes to this issue. However, efforts are be...