The Government announced a Production link incentive scheme for the automotive sector has an outlay of $ 3.1 billion and provide incentive to the manufacturing of advanced technology products, including EV manufacturing. In 2022-23, India produced over 4,50,000 EVs up from 2,30,000 in the previous year. In a survey, 2023 predicts the Indian domestic EV market will grow 49% CAGR between 2023 to 2030, with annual sales of 10 million in 2030.
About the EV stocks in Indian Market and best EV stock
Exide Industries Ltd
Exide Industries Ltd engaged in the business of storage batteries and allied products incorporated in 1947 at the time of India’s independence based in Kolkata west Bengal. The company exports its products to more than 60 countries with a strong network of 95,000/- deals and distributors. The company has delivered 3.32% sales growth in the last 5 years. Market share from the last 5 years also decreased by 54.68 to 42.3%. The current market price is Rs. 267.75/- around 52 weeks high.
Amara Raja Batteries Ltd
Amara Raja Batteries Ltd is an Indian company that specializes in the manufacturing of lead-acid batteries. These batteries are commonly used in various applications, including automotive and industrial segments. While they are known for producing lead-acid batteries, Amara Raja Batteries has also been actively involved in the electric vehicle (EV) sector, specifically in the production of lithium-ion batteries. Over the last 5 years revenue growth is 8.91% and net income growth is 7.92% i.e highest in industry. The automotive battery division contributes almost 65% of total sales and the industrial battery division contribute 30%.
Tata Motors Ltd
Tata Motors leading global automobile manufacturer. The company produces passenger vehicles, trucks, vans, and buses. Tata Motors was incorporated in 1945 before independence and was formerly known as Tata Engineering and Locomotive Company Ltd. (TELCO). Revenue Mix(FY22), Jaguar Land Rover – 67%, Tata Commercial Vehicles – 19%, Tata Passenger Vehicles – 11%, Vehicles financing – 2%, Others – 1%.The market cap of the company is Rs. 2,36,320 Crore one of the largest automobile manufacturing companies in India. Tata Punch, Nexon. Tata Motors is the market leader in Electric vehicles with 74.61%. Tata Motors partners with their group companies for different needs i.e. software technology with Tata Elexi, Battery solutions with Tata Power, and Hardware solutions with tata steels.
Olectra Greentech Ltd
Olectra Greentech Limited was incorporated in 1992. The firm is primarily engaged in the manufacturing of composite polymer insulators and electrical buses company based in Hyderabad. The current market price is Rs. 1185/- i.e 216% up from its 52-week low. Over the last 5 years, revenue has grown 45%. As per 30 Sep 2023 data promote holding was 50.02% and retail participation was 41.84%.
Hero MotoCorp Ltd
Hero MotoCorp is a well-known motorcycle and scooter manufacturer based in India, and they have been exploring the electric vehicle (EV) market as part of the global shift toward cleaner and sustainable transportation. Hero Motocorp Ltd has 8 EVs of Models Photon, Optima, NYX, Eddy, Flash, Atria, AE-29, and AE-3. Company has announced an EV partnership with Zero Motorcycles, a leading American electric motorcycle manufacturer.
Mahindra & Mahindra Ltd
Mahindra Electric, a subsidiary of Mahindra & Mahindra, has been a key player in the company’s electric vehicle initiatives. They have developed and manufactured electric vehicles, including the Mahindra eVerito and the Mahindra e2oPlus. Singapore-based private Equity Fund Temasek announced an investment of Rs 1,200 crore into Mahindra Electric Automobile Limited for a 1.49 percent to 2.97 percent stake. Mahindra and Mahindra Ltd invested plan of ₹1,000 crore to set up a manufacturing facility in Telangana to make electric three- and four-wheelers.
Motherson Sumi Systems Ltd
Companies’ orders for electric vehicle parts supply are experiencing a surge. Motherson Sumi Systems, a prominent player in the auto parts industry, has secured orders totaling €15.6 billion, with approximately 25% of the value attributed to electric vehicle (EV) programs. This indicates a significant commitment and demand for components related to electric mobility within Motherson Sumi Systems’ overall business portfolio.
Electric vehicles growth in India
It’s important to note that the Indian EV market was quite dynamic, with new companies and startups entering the space. Additionally, established international automakers were looking to expand their electric vehicle offerings in India. The government’s FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) scheme, along with other incentives and policies, was encouraging companies to invest in electric mobility.
Please check the latest news and sources for up-to-date information on the growth of electric vehicles and the involvement of specific companies in the Indian EV market.
Conclusion
India has been making strides in promoting electric mobility as part of its sustainable transportation initiative. Government incentives, coupled with the efforts of both domestic and international automakers, have led to the introduction of a variety of electric vehicles in the Indian market. Companies like Tata Motors, Mahindra & Mahindra, Ather Energy, and others have been actively contributing to the EV ecosystem.
While there has been progress, challenges such as the need for extensive charging infrastructure, cost considerations, and consumer awareness still exist. The government’s commitment to promoting EV adoption through policies, subsidies, and awareness campaigns is crucial for the continued growth of the electric vehicle market in India.
The future success of India’s EV plan depends on collaborative efforts between the government, industry stakeholders, and consumers to overcome challenges, foster innovation, and create an environment conducive to widespread electric vehicle adoption. Continuous technological advancements, coupled with supportive policies, can position India as a significant player in the global electric mobility landscape.
FAQs
1. Which companies in India are providing 4-wheeler electric vehicles?
Several companies in India offer electric four-wheeler vehicles, contributing to the growing electric vehicle (EV) landscape. Tata Motors has embraced EV technology with models like the Tata Nexon EV, while Mahindra & Mahindra, through its subsidiary Mahindra Electric, has introduced electric options like the Mahindra eVerito and e2oPlus. Hyundai Motor India, MG Motor India, Nissan, and Mercedes-Benz have also entered the electric vehicle segment in India, presenting models like the Hyundai Kona Electric, MG ZS EV, Nissan Leaf, and Mercedes-Benz EQC, respectively. These offerings highlight the increasing diversity and competitiveness within the Indian electric four-wheeler market.
2. Which companies in India are providing 2-wheeler electric vehicles?
Several companies in India provide electric two-wheelers, including Ather Energy (Ather 450X, Ather 450 Plus), TVS Motors (iQube Electric), Bajaj Auto (Chetak), Hero Electric, Ola Electric (Ola S1), and Revolt Motors (RV400). Keep in mind that the electric vehicle market is dynamic, and new models.
3. What are the EV battery stocks in India?
India is a growing market for electric vehicles, and several companies are investing in the production and development of EV batteries. Some of the EV battery stocks in India are Exide Industries, Amara Raja Batteries, Tata Chemicals, and Hero MotoCorp. These companies manufacture lithium-ion batteries for various segments of electric vehicles, such as cars, scooters, and buses. They also have partnerships with foreign and domestic firms to enhance their technology and expand their capacity.
4. What are the EV charging station stocks in India?
To explore potential investment opportunities in the EV charging sector in India, you could look into companies that are actively engaged in developing charging infrastructure or providing solutions in the electric mobility space. This may include companies like Tata Power, Adani Green Energy, and other energy companies that are expanding into the EV charging space. Additionally, you may want to monitor the activities of government-backed initiatives and collaborations between companies and government bodies in the EV charging infrastructure development.
5. Why EV is the future?
In the future cost of manufacturing EV batteries will decrease and more infrastructure will developed. EV vehicle diversification reduces dependence on traditional fossil fuels and enhances energy security. Overall, the combination of environmental concerns, technological advancements, government support, cost reductions, energy independence, consumer interest, and industry innovation collectively contribute to the view that electric vehicles represent a significant part of the future of transportation.