EV prices to drop to levels of gasoline and diesel cars, says Nitin Gadkari
Union Minister Nitin Gadkari said that the cost of electric vehicles is set to drop as compared to gas and diesel cars.
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On Monday, while addressing the 64th annual session of the Automotive Component Manufacturing Association (ACMA), Union Minister Nitin Gadkari said that prices of electric vehicles will drop down to levels compared to gas and diesel cars, revolutionising the Indian automotive sector growth in the next two years.
The minister further said that India's competitive advantage lies in its low labour costs, high-quality products, and rapidly advancing technologies. He said that the government’s focus on scrapping policies is expected to reduce manufacturing costs by up to 30% by recycling materials like aluminum, copper, steel, and rubber.
According to him, the vehicle scrapping policies will be a win-win for fuel efficiency and reduction. He also added that he is not against diesel or gas; he just envisions India to become more sustainable and eco-friendly. He believes that the country's cost advantages will drive growth, making EVs an attractive option for consumers.
In fact, he also mentioned that having surpassed Japan to become the third-largest auto manufacturer in the world, India has emerged as a global powerhouse in the automotive sector.
