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India: Buyers willing to pay premium for electric vehicles

Nearly 46% say willing to shell out Rs 1-2 lakh more, survey finds

New Delhi, March 2:

After planning for around two years, the Government is now close to announcing an ambitious policy for the development of the electric/hybrid vehicle (xEV) sector. But, the question haunting potential investors is — are Indian car buyers really ready for this sea change in technology?

In a welcome surprise, a countrywide survey conducted by analytics firm Absolutdata indicates that Indians are actually very eager to adopt new technologies. That is if key factors such as pricing and a low running cost are met. 78 per cent of the respondents said that utility (space, fuel efficiency) is the primary reason for a car purchase.

Though nearly half of those looking for a new car opted for a diesel variant, an interesting finding was that 20 per cent said that they were also looking out for xEVs, and 40 per cent thought that they represented the future of the automobile. Asked if they would pay a premium for such technology, 46 per cent said that they were comfortable with a Rs 1-2 lakh higher price.

Inexpensive fuel

What are the reasons? More Indians seem to be going green – 69 per cent said they are concerned about the environment, while others said that inexpensive fuel source in xEVs makes them attractive (60 per cent). However, 62 per cent underlined that Government support is necessary for the success of such technology.


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