The rise in metal prices used to make batteries for electric vehicles (EVs), a weakening rupee, and new standards for EV batteries that will be implemented in the country in two phases are all expected to result in a 5%-10% increase in battery prices.
According to industry experts, because electric batteries account for a significant portion of the cost of EVs, an increase in battery prices is likely to result in a 3.5% increase in EV prices in the country. The government has issued new standards for electric vehicle batteries, which will go into effect in two phases to increase safety, but they will result in a price increase for batteries. Because India is reliant on imports of lithium cells, the rupee’s depreciation against the US dollar has increased the cost of EV batteries.
