Last updated: Feb 2020 by Narasimhan Santhanam
This pos
t is a part of EV Next’s EV Perspectives.
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Introduction
Electric vehicles are not just eco-friendly, they are also wallet-friendly, or should we say, credit-card friendly. Using electricity as the main fuel for your car could save your Rs 3-4/Km compared to use of diesel or petrol in a typical ICE driven car, which over a few tens of thousands of Kilometers could result in savings upwards of a lakh and even more, over the lifetime of the vehicle.
So, clearly the economics is in favour of electric vehicles when it comes to running costs.
The key challenge in the context of costs is thus the upfront cost.
Currently, electric vehicles cost anywhere between 25-40% more than their conventional equivalents. That represents a significant additional amount to be paid upfront – in the case of cars, this could work out to an additional Rs 2 lakhs or higher.
Costs for other electric vehicles are higher than their conventional counterparts too. For some types of electric vehicles, for instance the electric bicycles, their prices can vary widely from one region to another, depending on the types of materials used in making the bicycle and more important, the type of battery used – Li-ion or Lead Acid.
E-bikes in China are quite inexpensive. By utilizing lead-acid batteries, the cost of e-bicycles in China averages about Rs. 10,000. In comparison, e-bikes in North America and West Europe cost on average in the range of Rs. 50,000 to Rs. 1,00,000, with some luxury models of e-bikes costing even over Rs 2,00,000! Almost all these expensive models use Li-ion batteries.
Such a high upfront cost has been a bottleneck for the faster adoption of electric vehicles in India and elsewhere. Thus, if the capital costs (and hence prices) of electric vehicles start coming down, one can see a significant growth in the sales and adoption of electric vehicles across all types.
Ex-Showroom Prices(INR) as of January, 2020 excluding the GST and FAME II subsidies.
| Electric Two Wheelers | ||
| Company | Product | Price |
| 22 Motors | Flow | 74,740 |
| Ampere | Reo Elite | 45,099 |
| Ather | 450 / 450X* | 1,10,000 / 1,32,0007 |
| Bajaj | Chetak Electric | 1,00,000/ 1,15,0000 |
| Orxa | Mantis* | 3,00,000 |
| PureEV | ePluto 7G | 79,999 |
| Revolt | RV400 | 98,999 |
| Tork | T6X* | 1,50,000 |
| TVS | iQube | 1,15,000 |
| Ultraviolette | F77* | 3,25,000 |
22 Motors Flow – Electric Scooter
| Electric Auto Rickshaws | ||
| Mahindra | E-Trio | 2,22,000 |
| Gayam Motors | Urban ET | 3,25,000 |
| Piaggio | Ape-E City | 1,97,000 |
| Lohia Auto | Comfort E-Auto HS | 1,49,000 |
| Kinetic Green | Safar Smart EV | 2,20,000 |
Mahindra E-Treo
| Electric Cars | ||
| Tata | Tigor EV | 9.17 Lakhs |
| Nexon EV | 13.99 Lakhs | |
| Mahindra Electric | e2o Plus | 7.5 – 8.2 Lakhs |
| eVerito | 9.75 Lakhs | |
| Hyundai | Kona | 23.86 Lakhs |
| MG Motors | ZS EV* | 22.6 Lakhs |
Hyundai Kona Electric
| Hybrid Electric Cars** | ||
| Toyota | Camry | 37.88 Lakhs |
| Prius | 45.1 Lakhs | |
| MG Motors | Hector Hybrid | 16.78 – 19.61 Lakhs |
| Lexus | ES 300h Luxury | 56.95 Lakhs |
Toyota Prius Plug-in Hybrid Vehicle
* Vehicles yet to be sold commercially
**Hybrid vehicles have a GST of 28% as opposed to 5% on Fully Electric Vehicles.
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