The auto industry is evolving a little. Electric vehicles are now more popular than gasoline-diesel or combustion engine-powered ones. Nevertheless, not everyone who desires an electric vehicle is able to acquire one. Its high price is the main justification for this. Electric automobiles still cost far more than gasoline or diesel vehicles, even with the government's subsidy. However, there is now good news for individuals who want to purchase an electric vehicle or bicycle. Nitin Gadkari, a minister for the union, recently made a significant announcement about electric vehicles.

Union Minister Nitin Gadkari is quoted as saying that the cost of electric vehicles will be equal to that of gasoline vehicles within the next year, according to a Moneycontrol report. A year from now, the price of EVs in the nation should be the same as that of gasoline-powered vehicles, according to the Union Minister. He claimed that by doing this, we would be able to save foreign currency that would otherwise be spent on fossil fuel.

Battery cost is high.

According to Nitin Gadkari, EV batteries are quite pricey. The price of the battery alone accounts for 35% to 40% of the total cost of an EV. Electric vehicles become more expensive as a result. The government is now attempting to reduce it, though, thanks to new technologies and subsidies. Along with this, charging stations are also being built all around the nation to address the issue of EV charging. According to Gadkari, the EV category has seen tremendous growth. Sales of electric vehicles have increased by up to 800% as a result of the rising demand for them.

After the announcement made by the Union Minister, it is clear that it will definitely take some time to bring down the increased prices of EVs. According to an estimate, this will happen by the end of 2023 or the beginning of 2024. However, Union Minister Nitin Gadkari has not made any announcement regarding how much the prices of EVs will come down or how much subsidy the government will give on this.

Following the Union Minister's remarks, it is evident that it will take some time to reduce the rising costs of EVs. This is expected to occur by the end of 2023 or the beginning of 2024. The amount that EV prices will drop or the number of government subsidies that will be provided has not yet been disclosed by Union Minister Nitin Gadkari.