What Will It Take To Make Price-Conscious Indians Switch To Electric Vehicles?
The need for sustainable and renewable sources of energy to run vehicles is increasing every day. While fuels such as petrol and diesel are considered to be on the verge of extension, an electric vehicle is a viable substitute. After Tesla’s launch, electric vehicles are creating a buzz in the market. Although electric vehicles' initial cost is almost double the cost of petrol/diesel vehicles, it’s more cost-efficient in the long run. This means that the running cost of an electric vehicle is cheaper. India is seeing an upsurge in electric vehicle users. The prices of petrol and diesel have crossed Rs. 100 mark in many states of the country which gives electric vehicles an opportunity to capture the market. The only disadvantage electric vehicles are facing right now is their cost. It is difficult for a middle-class citizen of India to pay a lakh for a scooter, and relatively new technology may create a sense of doubt in the buyer’s mind. Such a problem will come in control once there is a close electric vehicle substitute in the market, which will create competition and also the government subsidies will lower the cost of producing making the vehicles cheaper and easy to buy for the Indian population.