HT Auto Leaderboard Awards 2026: Nitin Gadkari urges automakers to make electric vehicles more affordable

At the inaugural HT Auto Leaderboard Awards 2026, powered by HPCL and knowledge partner Vector Consulting Group, which took place in New Delhi on September 30, the Chief Guest of the event, Nitin Gadkari, the Union Minister of Road Transport and Highways, urged the auto manufacturers in the country to think of ways about how to make electric vehicles more affordable for the consumers. The event was also graced by Guests of Honour Demetris Skourides, Chief Scientist for Research, Innovation and Technology of the Republic of Cyprus, and Shri Dr Arvind Kumar Sharma, Hon’ble Minister of Heritage & Tourism, Government of Haryana.

Gadkari said that when the decision to focus on electric vehicles was taken by the Indian government, the cost of the lithium-ion battery was $150/kWh, which has now reduced to $50/kWh. However, as demand is higher but supply is lower, the cost of electric vehicles is still high. He urged the auto industry to reduce the cost of electric vehicles in the interest of the industry as well as the consumers. He also urged the industry to increase the production of EVs as well as focus on improving the quality.

Speaking at the event, the minister said that electric mobility in India is a success story. He said that the maximum growth has been recorded in electric two-wheeler, three-wheeler, and truck segments, with 25.5 lakh EVs registered. “In 2025-2026, 8.3% market penetration was there," he said.

EV market potential is of ₹20 lakh crore by 2030

Speaking on the market potential of electric vehicles, Gadkari said electric passenger vehicles witnessed the highest Year-on-Year (YoY) growth in FY26, among all fuel categories, as passenger EVs recorded 65% growth, compared to petrol and diesel vehicles' 11% and CNG vehicles' 40% growth. In the two-wheeler segment as well, electric vehicles registered 146% YoY growth in FY26, said the minister, while electric three-wheelers clocked 25% YoY growth in the last fiscal. Stating this, Gadkari said, “The Indian EV market potential is of ₹20 lakh crore by 2030, with one crore annual sales, creating five crore jobs."

J&K lithium deposit can power 60 crore EVs

Lithium, the key mineral required for manufacturing the battery cells for electric vehicles, is imported from abroad, which plays a crucial role in the price dynamics for electric vehicles. Gadkari believes the estimated 6 million tonnes of lithium deposits in J&K could power 60 crore electric vehicles. He said that the stakeholders of the industry, including the government and automakers, should work on this so that the dependence on imports of lithium can be reduced.

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