Introduction to EV Stocks in India
As the electric vehicle market accelerates, the leading players in the Indian EV industry are not just shaping this transformative field but driving change in the stock market as well. This guide will provide insights into the top electric vehicle companies in India, where innovation meets sustainability. In this guide, discover the best EV Stocks in India and learn about the companies leading the way in this sector.
Disclaimer: This article is for educational purposes only, and we do not recommend that investors make investment decisions based on it.
Major EV Stocks in India
Here are the top EV stocks in India as per the highest market capitalization.
(Source: NSE India)
Note: The market cap listed above is from August 30, 2024, and the data may change with respect to time.
Let us learn about each stock in detail.
#1. Maruti Suzuki India Ltd
Maruti Suzuki India Limited manufactures and sells passenger and commercial vehicles. Offers vehicles through NEXA, Arena, and Commercial channels, including models like Baleno and Vitara Brezza.
It also provides parts, car financing, and services such as Maruti Suzuki Insurance and Rewards.
#2. Tata Motors Ltd
Tata Motors Limited is a global automobile manufacturer with a diverse portfolio that includes cars, SUVs, trucks, buses, and defense vehicles.
It operates in automotive segments like vehicle financing, Tata commercial and passenger vehicles, and Jaguar Land Rover.
#3. Mahindra and Mahindra Ltd
Mahindra Last Mile Mobility (LMM), a subsidiary of Mahindra and Mahindra Limited, has emerged as India’s leading electric 3-wheeler manufacturer in FY23.
Their electric vehicle lineup features the Treo series and the Alfas, available in both Mini and Cargo models. In response to increasing demand for electric 3- and 4-wheelers, LMM has also announced plans to expand its manufacturing facilities.
#4. Power Grid Corporation of India Ltd
Power Grid Corporation of India Limited offers EV charging stations that are smart and self-sufficient, presently operating DC-001 chargers with a capacity of 15 kW.
There are plans for the implementation of multi-modal charging stations with various specifications like CCS II, Bharat DC 001, and CHAdeMO, aimed at catering to all-electric cars in the country.
#5. Bajaj Auto Ltd
Bajaj Auto Limited manufactures electric two-wheelers and three-wheelers, such as Bajaj Chetak, Bajaj RE, and Bajaj Maxima. Bajaj Auto plans to scale up its electric vehicle business, focusing on electric three-wheelers and Chetak electric scooters.
Bajaj Auto is looking to commission new facilities for its electric vehicles and invest close to INR 800 crore for this purpose.
#6. Indian Oil Corporation Ltd
Indian Oil Corporation Limited is promoting greener energy solutions by installing electric vehicle (EV) charging facilities at 10,000 of its fuel stations over the next three years.
In addition to the current 448 EV charging stations and 30 battery swapping stations, IndianOil plans to focus on nine cities initially and gradually expand the network. They will also set up EV chargers and battery swapping stations, offering a mix of chargers for 2-wheelers and 3-wheelers initially.
#7. TVS Motor Company Ltd
TVS Motor Company is scaling up its electric vehicle (EV) manufacturing capacity to 50,000 units per month in FY25, driven by a 100% growth in electric two-wheeler sales. They also plan to launch a new iQube and an all-new electric two-wheeler this fiscal year, along with an electric bicycle in India.
The company is also developing an electric three-wheeler and plans to enter the electric Norton motorcycle market after the launch of a four-cylinder Norton. Through these initiatives, TVS seeks to strengthen its position in the EV segment both domestically and globally.
#8. Hero Motocorp Ltd
Hero MotoCorp, India’s largest two-wheeler manufacturer, plans to introduce three electric two-wheelers globally in FY25, targeting both domestic and international markets. The company will also enhance its product range, upgrade stores, and establish a charging infrastructure for EVs.
Additionally, Hero MotoCorp plans to launch mid-priced and economically-priced electric scooters as well as a business-to-business product within the Vida range.
#9. Ashok Leyland Ltd
Ashok Leyland is opting not to integrate battery EV technology into its heavy vehicles and is instead focusing on two hydrogen-based solutions: the hydrogen internal combustion engine (H2 ICE) and fuel cell electric vehicle (FCEV) versions.
Currently, the company offers electric options in three out of the eight vehicle categories it operates in and is planning to finalize battery EV models for two additional categories. However, for the remaining four categories, which include medium trucks, heavy trucks, and long-haul buses, Ashok Leyland will not adopt battery-based EV technology. Instead, they are developing hydrogen-powered variants for these vehicles.
#10. Exide Industries Ltd
Exide Industries Ltd is a major EV battery player which delivered a hefty 88.69% return in the last year.
Exide Industries offers four models of golf cart batteries designed to meet industry requirements and are considered the best in the market. The batteries are suitable for golf carts as well as a wide range of similar vehicles like floor cleaners and special electric vehicles.
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