Their decline was mainly driven by lower speed, shorter range and most importantly, higher price relative to ICE vehicles, which Henry Ford’s mass produced Model-T ensured. The re-emergence of EVs as a challenger is also driven by reversal of these key factors. The invention of the lithium-ion battery in the 1980s, allowed cars to travel longer distances, and over subsequent years, battery costs (which currently account for 30-40% of a vehicle’s cost) have been falling year on year (from over $1k/kWh to under $200/kWh in the last 10 years), which is helping in narrowing the price differentials. Battery prices are projected to fall below $100/kWh in the next 4-5 years, allowing electric cars to achieve price parity with ICE cars in the near future. Further, improvements in vehicle and charging performance are also making the value proposition very exciting and in some categories the total cost of ownership has already turned favourable in India.