There’s no engine oil to change, in fact no engine to maintain at all. Also, fewer moving parts, no belt or chain to be serviced, no transmission fluid to be changed, no clogged-up valves or burnt clutch plate and no sweat over emission tests. So, what does maintaining an EV entail?
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Localised electric vehicle battery manufacturing may in fact be the only way to realise India’s EV market potential and help the government meet its target of 30% private EV sales by 2030. Currently, both EV batteries and cells are imported and account for about 40-50% of the EV’s total cost. Manufacturing the lithium-ion cells to make the batteries in India would make them cheaper, faster, and allow for large-scale manufacturing! In fact, even Tesla’s Elon Musk recently announced plans to halve battery costs through in-house battery cell engineering! Watch this episode of Drive Report to understand how manufacturing batteries in India will completely change the EV game!
The road to electrification has been long and bumpy.Contrary to popular belief, the electric car is not a recent invention and predates the internal combustion car by nearly 50 years. Here’s a look at the rise, decline and revival of EVs.
Electricity was not readily accessible as it is today. Only few cities in the US had access to electricity at the time. Hence, electric cars were not a viable option for many.
EVs at the time were mostly used for short distances. As road infrastructure got better, the need for long distance drives became a necessity which EVs at the time could not meet.
After the discovery of Texas crude oil, gasoline prices plummeted making it affordable to the average consumer. This led to cheaper operating costs.
Henry Ford made car buying cheaper with the introduction of the Ford Model T which cost a fraction of what EVs cost at the time. That, along with the invention of the electric starter meant gasoline cars were easier to operate.
Following the dip in oil price, gasoline cars started getting cheaper. By 1912, the price gap between gasoline cars and EV widened. Al electric roadster in 1912 sold for $1750 while a gasoline car cost just $650. Ford cars were also available in the $500 - $1000 range.
According to Wright’s Law, lithium-ion battery costs fall by 28% for every cumulative doubling of units produced. The battery pack is the most expensive component of an EV. Thus, the sticker prices of EVs fall as battery costs decline. Some EVs are already cheaper to own and operate than comparable gasoline powered cars due to the cost saved from fuel, maintenance, and resale value
Given that customers are far more likely to switch to EVs from hybrids than pure ICE models, it makes sense to lower the GST slab for hybrids to a point which puts them on par with EV prices