India is starting to love electric vehicles — but for the most part, they're not cars
The cost of EVs will come down if battery prices drop, Kotak's Agarwal said.
Ola Electric's two-wheel scooters, and upcoming motorbike and four-wheel passenger car, all range between $1,000 and $50,000.That means the amount of money EV owners can save in fuel and maintenance costs can offset the higher initial purchase price, he said. EV owners are also granted road tax exemption at the time of purchase, and will receive a deduction on their income tax, theIncluding taxes, owners of two-wheel internal combustion engine vehicles in India typically pay 3,000 rupees a month for their vehicle, Kumar said. Government initiatives coupled with money saved on petrol would therefore mean that the monthly installment on a vehicle becomes largely free to a customer, he said.
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