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4 FAQs about Lome electric vehicle costs

Which EV model is cheapest in India?

While the cheapest BEV model available (Renault's Kwid E-Tech Electric) was produced in China, it was sold under a European brand. In India, high import duties on EVs and the availability of locally made, affordable electric models meant the share of Chinese imports in the country's EV sales remained below 15% in 2024.

How much does a battery electric car cost in 2024?

In 2024, this price distribution was reflected in sales, with the median price paid for a battery electric car standing at around USD 24 000, about USD 700 less than for an ICE car.

What is the price gap between battery electric and ICE cars?

In Brazil, where Chinese electric car imports increased to reach 85% of the country's EV sales in 2024, up from about 60% in 2023, the price gap between battery electric and ICE cars shrank from more than 100% to 25% over the same period.

How has electric car affordability changed over the past decade?

Electric car affordability has made significant strides over the past decade, primarily driven by falling battery prices, intensifying market competition and carmakers reaching economies of scale. In 2024, despite the global average battery size growing slightly, the global average battery pack price fell more than 25% compared with 2023 levels.

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