Electric vehicle (EV) stocks in India represent companies involved in producing, manufacturing, and distributing electric vehicles, batteries, motors, EV software, and charging stations. With lower costs, fewer emissions, and government support, these stocks are gaining investor attention and could shape future portfolios.
Popular EV (Electric vehicles) Stocks India in India 2024
Name |
Market Cap |
JBM Auto Ltd |
20,851.00 |
23,453.79 |
|
39,061.75 |
|
Motherson Sumi Wiring India Ltd |
28,264.00 |
27415.35 |
|
28769.18 |
|
10,992.81 |
|
3794.09 |
|
2,62,675.10 |
|
3,54,551.80 |
|
5725.52 |
|
41,614.16 |
|
1,93,254 |
|
28,106.55 |
|
68,956.70 |
|
91,473.20 |
|
Hindalco Industries Ltd |
1,49,979 |
Mahindra and Mahindra Ltd |
3,80,364 |
Disclaimer: The market capitalisation values mentioned above were fetched on 5th December 2024. These values are subject to change based on various factors such as market conditions, company performance, and economic trends. Please refer to the SEBI or stock exchanges' websites to obtain the most current market capitalisation for any particular stock.
Trending EV stocks in India
Here’s a list of the popular electric stocks in India that you can consider investing in.
1. Tata Motors
One of the most esteemed automakers in India, Tata Motors offers two marquee electric cars—Nexon EV and Tigor EV. For the production of electric powertrains, the company has also collaborated with Jayem Automotives based in Coimbatore. Beyond India, Tata Motors has established a strong international foothold in various regions of Asia, Europe, the Middle East, the Americas, Russia, Africa and Oceania.
2. Mahindra & Mahindra
With a presence in multiple segments, including auto and clean energy, Mahindra & Mahindra is the producer of e-Verito and e-KUV100 electric cars. Likewise, the auto giant caters to prominent markets like North America, Italy, Japan, and South Korea with its manufacturing facilities and R&D centres.
3. Bajaj Auto
Renowned for its motorcycles and scooters, Bajaj Auto is now becoming one of the leading manufacturers of electric two-wheelers and EV parts. The company has also forayed into the production of electric three-wheelers, i.e., passenger auto rickshaws. With a number of international subsidiaries, Bajaj Auto also exports its two and three-wheelers to countries in Africa, Asia, Europe, Latin America, and the Middle East.
4. Hero MotoCorp
Another one of India’s well-known two-wheeler brands, Hero MotoCorp is the latest participant in the EV segment with its electric scooters like eMaestro and ePleasure. By using its manufacturing prowess and robust distribution system, the enterprise has big plans to drop a lineup of EVs in the near future.
5. Exide Industries
Capitalising on the burgeoning demand for EV parts in India, Exide Industries has set out to manufacture lithium-ion batteries. As India’s biggest producer of batteries, the company has abundant experience and capacity for innovation to reinforce the EV expansion in India.
6. Ashok Leyland
With its roots in Chennai, Ashok Leyland is widely acclaimed for its commercial transit vehicles. Under the brand label Circuit, the manufacturer has kicked off the launch of electric buses and trucks in India. With its entry into the EV domain, Ashok Leyland’s offerings can help create a ripple effect of sustainability by allowing other businesses to invest in carrier vehicles with low emissions.
7. HBL Power Systems
A leading name in the battery and power electronics sector, HBL Power Systems is a supplier to several industries across the globe. Having partnered with EV manufacturers in India, it is scaling up the production of batteries to meet the rising demands, signaling long-term financial growth for the company.
8. Vedanta Ltd
Vedanta Ltd, a diversified natural resources company, has ventured into the electric vehicle (EV) ecosystem by exploring opportunities in battery manufacturing. With its extensive operations in mining and metal production, Vedanta is well-positioned to contribute key materials such as aluminium and zinc, which are essential for EV batteries and components. By leveraging its resource base and technology, the company aims to align itself with India's growing EV market.
9. Hindalco Industries Ltd
Hindalco Industries, a flagship company of the Aditya Birla Group, plays a pivotal role in supporting the EV industry through its advanced aluminium solutions. Aluminium, being lightweight and durable, is a preferred material for EV bodies and battery enclosures. Hindalco’s extensive expertise in manufacturing aluminium and its focus on innovation make it a critical player in facilitating the development of sustainable EV technologies in India.
10. Maruti Suzuki India Ltd
As India’s largest automobile manufacturer, Maruti Suzuki is gearing up for its foray into the electric vehicle segment. The company has announced plans to introduce electric cars tailored for Indian consumers, focusing on affordability and energy efficiency. By leveraging its robust distribution network, manufacturing capacity, and customer trust, Maruti Suzuki is expected to significantly influence EV adoption in India while maintaining its leadership in the automotive market.
These companies reflect the diverse ecosystem of electric vehicle production, from automakers to battery manufacturers, and underscore India's commitment to sustainable transportation.
Why invest in EV stocks in India?
India presents a compelling investment landscape for EV stocks due to several key factors:
- Government support: The Indian government has unveiled ambitious plans to promote electric mobility, including subsidies, tax incentives, and infrastructure development. This policy framework creates a conducive environment for EV companies to flourish.
- Growing market: The country's burgeoning middle class, coupled with rising fuel prices and environmental concerns, is driving demand for electric vehicles. This presents a significant growth opportunity for EV players.
- Cost competitiveness: India's robust manufacturing base and cost-effective labour pool position domestic EV companies favourably in terms of global competitiveness.
- Technological advancements: The Indian EV industry is witnessing rapid technological advancements in battery technology, charging infrastructure, and vehicle design, enhancing the appeal of EV stocks.
- Diversification benefits: Investing in EV stocks can offer diversification benefits to an investment portfolio, as the sector is relatively nascent and less correlated with traditional automotive stocks.
It is essential to conduct thorough research and consider factors such as company financials, market competition, and technological capabilities before making investment decisions in the EV space.
Additional reading: How to invest in US stocks from India
Segments of the electric vehicle sector
The electric vehicle (EV) sector comprises several key components:
1. Auto manufacturers
Auto manufacturers engage in the design, production, and distribution of automobiles. Traditionally focused on internal combustion engine (ICE) vehicles, these companies are increasingly incorporating electric and hybrid models into their portfolios. Leading industry players include established names such as Toyota, Ford, and General Motors, as well as newer entrants like Tesla, which specializes in electric vehicles. The sector is characterized by ongoing innovation, technological advancements, and adaptation to evolving consumer preferences and environmental regulations.
2. Battery manufacturers
Battery manufacturers are critical to the EV ecosystem, developing and producing energy storage solutions for various applications, including electric vehicles, consumer electronics, and renewable energy systems. Key industry participants include Panasonic, LG Chem, and CATL. As demand for electric vehicles and renewable energy grows, battery manufacturers play a pivotal role in advancing battery technology, enhancing energy density, efficiency, and sustainability to support the broader transition to clean energy.
3. Auto parts and EV software
Auto parts manufacturers supply components essential for vehicle assembly, encompassing everything from engines to electronics. Within the EV space, companies specializing in EV software are increasingly significant, developing software solutions for battery management, energy efficiency, and connectivity. Both traditional auto parts suppliers like Bosch and Delphi, as well as software-focused companies such as NVIDIA and Aptiv, contribute to the evolution of the automotive industry, driving advancements in both conventional and electric vehicles through hardware innovation and sophisticated software integration.
4. Charging infrastructure
A robust charging infrastructure is essential for widespread EV adoption. Companies like ChargePoint and Tesla operate extensive charging networks, providing convenient access for EV owners. Strategic placement of charging stations in urban areas and along major transportation corridors is crucial for facilitating long-distance EV travel. The expansion and accessibility of charging networks significantly influence EV market penetration by mitigating range anxiety and supporting the shift towards sustainable transportation.
Factors to consider before investing in EV stocks in India
While the top-performing EV stocks in India are currently all the rage, some significant factors shouldn’t be overlooked before you finalise your investment choices.
1. Healthy financials
The EV segment is fiercely competitive. So, it is essential to pick a company with solid revenue channels, steady profits, and justified debt levels that can secure and boost your investments.
2. Innovation
Technology is indispensable to the prosperity of an EV company. Before you commit to a stock, make sure to check the company’s dedication to technological innovation that would enhance the efficiency, safety, and performance of EVs.
3. Competition
With an increasing number of automakers delving into EV manufacturing, it is crucial to chalk out their respective USPs to draw comparisons that enable you to make the ideal investment choice.
4. Policymaking
The government has implemented several policies like tax breaks and similar financial incentives for the rollout of EV infrastructure in India. Determine how these regulations can benefit the growth of firms you are planning to invest in.
5. EV infrastructure
A nationwide network of charging and battery-swapping stations is paramount for the success of EVs in India. Verify if your chosen automaker has made this infrastructure accessible enough as it would be critical to maintain the efficacy and relevance of EVs.
6. Global partnerships
Several automobile brands have collaborated with international businesses for knowledge exchange, manufacturing muscle, and seamless supply chains. Check for such partnerships, as they can put certain EV companies ahead in the game and generate substantial profits.
Conclusion
EV companies are still in their nascent stages of innovation and rollout in India. However, they exhibit promising future gains. Naturally, this makes electric vehicle stocks in India a wonderful investment opportunity. However, before investing in this sector, certain factors should be taken into account, like the company’s financial credentials, reputation, and technological ingenuity. Ensure that you meticulously go through all the features of EV stocks in India to make lucrative additions to your portfolio.
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