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India lags peers in cost of EV ownership compared to ICE cars
Business Standard
|October 03, 2023
EVs here cost 25% less as against 50% in the US, 41% in France and 29% in Germany
The total cost of ownership (TCO) of an electric car such as Tata Motors' popular Nexon EV Empowered MR, including state subsidies, in a city like Lucknow in Uttar Pradesh is around 25 per cent lower than that of an equivalent internal combustion engine (ICE) car, according to company estimates.
The TCO savings that a consumer makes over an equivalent petrol-powered car is a substantial ₹4.59 lakh over five years.
However, because of a hike in price, the model is no longer eligible for the FAME II subsidy. And there are some states which do not offer any subsidy on it at all. Hence, in states which provide no subsidy the TCO savings on the Nexon EV would be around 15 per cent, compared to an equivalent ICE car. However, there are other states which offer more than ₹1 lakh subsidy.
This story is from the October 03, 2023 edition of Business Standard.
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