In this article, we will discuss whether now is the right time to buy an electric car in India. EVs are rapidly growing in India. Even, the government is promoting the use of EVs (electric vehicles) and has launched the FAME || scheme. These initiatives made it more convenient for people to buy electric vehicles. EVs have many benefits compared to gasoline vehicles. But there are some disadvantages to buying it. Let’s explore those things.
Price
Price is the primary factor that Indians consider first, whether it’s an electric or a gasoline car. EVs are often more expensive than their gasoline counterparts. For example, the Tata Tigor petrol variant costs between Rs 7 and Rs 9 lakhs, while the Tata Tigor EV is priced at Rs 12 to Rs 13 lakhs, which is almost double the price of the petrol model.
One of the main reasons for the high cost of EVs is the battery, which is one of the most expensive components. EV batteries are typically made of lithium-ion, which is one of the rarest elements on earth. The production of EVs also requires other rare metals, such as cobalt and nickel, which are expensive and limited in supply.
However, India has recently discovered a stash of 5.9 million tonnes of lithium reserves located in the Jammu and Kashmir region. If properly extracted, India could become the world’s largest supplier of lithium, which would help lower the cost of EVs. By reducing the cost of production and improving the infrastructure for EVs, it is possible to make them more affordable and attract Indian consumers.
Availability of models
One of the biggest barriers to the adoption of electric cars has been the limited availability of models. Currently, there is a limited number of EVs in india. Only 12 models are on sale in india. TATA Tiago cheapest while the BMW i7 is the most expensive EV in india. Which is difficult to choose an EV.
Charging Infrastructure
One of the biggest challenges facing electric car owners is the availability of charging stations. As of now, india has 5254 charging stations, to cater to a total of 20.65 lakh EVs. As per the information disclosed by Minister RK Singh in Lok Sabha and the Vahan dashboard data, the following data is available. Karnataka has the most EV public charging stations (774) in india while Pondicherry has the least (2). This means for every 393 electric vehicles in india, There is one public charging station.
Low competition
Currently, there are 8-9 electric car manufacturers in india. Of these 4-5 are luxury segment manufacturers. Another 4-5 are to set launch their cars in the coming year. Although the government incentives to manufacturers are likely to push more companies in the EV market. But now there are limited choices for customers
Longer charging time
Usually, an electric car takes to charge 6-8 hours at home. However, you can reduce this time to 30 minutes with fast chargers. if you are going to job daily then, you have to charge your car at night and discharge in the early morning. This means you may have to charge it before you go to bed and then discharge it when you start your day
Long distance
Once charged, it can provide a driving range of 200-400 km. Lack of charging stations. This means it’s not good for long travellers, but good for short commutes
Conclusion
Ultimately, you may be wondering about it. Is it the right time or not? My suggestion would be to wait another 3-4 years. by then, there will be charging stations available, the price of electric cars will go down and the technology will improve.