If you’ve been planning to buy an Electric Vehicle (EV), you might want to wait just a little longer. India’s best-selling SUVs—Tata Nexon EV and Hyundai Creta EV—are about to get much cheaper.
Budget 2025 Brings a Big Boost for EVs
In the latest Union Budget 2025, Finance Minister Nirmala Sitharaman has made a major announcement that will help reduce EV prices in India. The government has fully exempted the Basic Custom Duty (BCD) on materials required for producing lithium-ion batteries, one of the most expensive components in an EV.
Lower Production Costs = More Affordable EVs
With 35 different types of capital goods for lithium-ion battery manufacturing now duty-free, production costs for automakers will drop significantly. This means companies like Tata and Hyundai can pass on the cost savings to customers, making EVs more affordable.
Tata Nexon EV & Hyundai Creta EV to Get Cheaper
Tata Nexon EV is already a favorite among Indian buyers, and with this price cut, it is set to become even more popular. Hyundai Creta EV, which is expected to launch soon, will also hit the market at a competitive price. Other EVs could see similar benefits.
Is It the Right Time to Buy an EV?
With EV prices set to drop, this could be the best time to invest in an electric car. Would you prefer Tata Nexon EV or Hyundai Creta EV?
