Those who buy EV will have loose pockets, electric vehicles will be expensive, know what is the reason?

Those who buy EV will have loose pockets, electric vehicles will be expensive, know what is the reason?

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Mumbai: Electric vehicle and EV battery manufacturers are facing tough times due to the Russo-Ukraine war. Supply chain disruptions and prices of essential components are increasing rapidly. It is believed that this difficulty may deepen further when the demand for electric vehicles in India will be high. In such a situation, the price of electric vehicle can increase.

India is mostly dependent on imports for EV components. In particular, elements like nickel, cobalt, and lithium used in batteries are imported from abroad. Due to the Russo-Ukraine war, there has been a major obstacle in the supply of essential raw materials. Apart from this, the recent lockdown in China due to increase in the cases of Kovid is increasing this concern, because about 90 percent of the cells used in India are imported from China.

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It is difficult to overestimate the effect of prices in the market, as India is heavily dependent on imports of many components. Stephen Lewis, CEO of NexCharge, a joint venture between Exide Industries and NexCharge, says, “Nowadays all lithium-ion cells are imported. This means that we are not involved in the purchase of raw materials. In such a situation, the sale prices can increase by up to 40 percent.

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According to data from Federation of Automobile Dealers Association of India, 32,443 electric 2-wheelers were sold in India in February 2022, up 433 percent year-on-year. Electric passenger vehicles also saw a 297 percent jump (YoY) in February, with a total of 2,352 units sold in India.

Tags: auto news, Autofocus, Car Bike News, Electric Vehicles

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