Electric Vehicles have become a major topic for discussions nowadays. But exactly why is the future of EVs still deemed to be fading? Why is the initial cost not less even after the huge subsidies from the government? Let’s find out.
The major component of any electric vehicle is the battery which constitutes around 40-60% of the cost of the EV. This cost is due to the high prices of lithium. Batteries are still imported in India which results in the high costs of EVs.
This case might have found a solution as researchers at the Atomic Minerals Directorate for Exploration and Research Department of Atomic Energy, Government of India, have found potential lithium reserves in Mandya district, Karnataka. It is the country’s largest single source of lithium, an element which is essential for making batteries.
Lithium has been found in the form of lithium aluminium silicate mineral called spodumene which is present in a rock occurring over an area of 2.5-kilometer square.
According to the Ministry of Science and Technology, India imported around ₹6,654 crores worth of lithium batteries in the financial year of 2019-20. Indigenous lithium reserves will surely promote domestic manufacturing of batteries and bring down the overall cost, prompting a boost in electric mobility in the country.
Japenese companies Suzuki, Toshiba and Denso are planning to set up a dedicated plant in Gujrat under a joint venture in order to promote the production of electric batteries. Tata Motors will also be getting into the battery manufacturing business with their subsidiary Tata Chemicals. Will all this bring the EV cost down? What’s your take? Let us know in the comment section.
