High Inflation, weak rupee, and new standards will make EV batteries expensive beginning in April 2023

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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.

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High Inflation, weak rupee, and new standards will make EV batteries expensive beginning in April 2023

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.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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