10 Best Electric Vehicle (EV) Stocks to Buy in India in 2023

Electric vehicles (EVs) are one of the themes that are popular worldwide. They are becoming more popular since they reduce pollution and resource depletion.

Introduction

Do you wish to learn which companies are pioneering innovation and creating?

cutting-edge technologies? Want to participate in their endeavour to transform India as a regular investor? You may consider investing in the stocks of businesses that are making significant bets on electric vehicles, or EVs, a technology that will fundamentally alter India over the next 10 years. There are always innovations emerging in the field of transportation. Most of these alternative transportation technologies are based on electric vehicles, and many businesses have jumped on board to gain some traction before the industry transitions from conventional fossil fuels.

This development might also be viewed as an effort by current companies to catch up to the standards set by electric vehicle (EV) companies like Tesla before it's too late. Today, we examine the Indian market for electric vehicles and the top EV stocks that investors should be aware of. If you are an investor, you may be searching for the best ev stocks in India to invest in with a promising future; one such industry is electric vehicle stocks, or EVs. This article will provide comprehensive insights and information about the top electric vehicle stocks in India. You will see information in the future on equities that support this industry, as well as car stocks.

We, humans, have evolved into a species that lives in a world where the use of the earth's natural resources has reached its carrying capacity, and we are now looking for alternatives.  Buy the best EV vehicle to make your life much easier and faster. These types of products have reduced the stress of highly price oil consumption as well. 

The automobile industry is one such sector that was totally dependent on natural resources. The industry has relied heavily on natural fuels like gasoline and diesel. However, these energy sources are finite, so we have already begun the process of adopting natural gas as a substitute.The automotive industry has started creating electrically driven automobiles for consumers with the same goal of switching to a sustainable energy source, which has shown to be a wise decision for car manufacturers.

The share prices of these manufacturers have demonstrated one such benefit. The shares of these industry titans in the car industry have shown an increasing trend with the Introduction of electric vehicle production. The greatest electric car stock in India has been chosen for you to consider investing in as a result of our research on the subject.

Why Invest in Electric Vehicle Stocks?

Electric vehicles are not just another emerging technology; they are intended to replace all gasoline gradually- and diesel-powered vehicles (especially cars, buses, two and three-wheelers etc.). This allows for extremely rapid growth and a chance to increase market share for the best ev stocks in India that have the resources to launch affordable electric automobiles. The government is increasingly supporting the development of EV infrastructure and placing orders for public vehicles like electric buses. The National Electric Mobility Mission Plan 2020 of the Union government contains plans for demand-side subsidies, the construction of EV infrastructure, and the encouragement of the production of electric and hybrid vehicles under the FAME India programme.

Segments of the Electric Vehicle Sector

Since the Indian EV market is still in its early stages, it is seen as a business opportunity. The following companies also sell EVs: MG Motors, Maruti Suzuki, Renault, Audi, Volvo, Hero, Ather, etc. Other related industries will start to take off as the EV industry grows. The battery and EV chargers are included with this. Numerous businesses, including Siemens, Schneider, Delta, and others, have expressed interest.

But regrettably, these businesses won't enter the market unless there is a substantial demand in the public 4-wheeler category. On the other hand, consumer worries about the absence of Fast Chargers in India have been one of the main reasons why the EV sector has yet to grow. Because of the modest size of the industry, unorganised and small players are in charge. The NITI Ayog is crucial in installing EV chargers to tackle this. In India, there are now 270 EV chargers installed. To install 100,000 EV charging stations across India, NITI Aayog has teamed up with NTPC. To create batteries employing lithium technologies, ISRO has cooperated with other governmental organisations like BHEL.

Currently, China, South Korea, Vietnam, Singapore, and Japan are the top importers of lithium. Reliance, Suzuki, Toshiba, Denso Corp, JSW Group, Adani, Mahindra, Hero Electric, Panasonic, Exide Batteries, and Amara Raja are further businesses that have expressed interest in the lithium battery production industry in India.

The following segments can be found in the electric vehicle market:

Auto manufacturers –

Those who put the electric car together

Battery manufacturers –

 Manufacturers of EV vehicle batteries

Auto parts and EV software –

Those who create spare parts and develop the electronics and programming for electric vehicles

Charging station network –

Those that install charge stations on roads and in cities.

10 Best Electric Vehicle Stocks in India 

Tata Motors Ltd. 

It is the biggest automaker in India and dominates the market for a variety of vehicle types, from civilian cars to defence vehicles. Its market capitalization is at $1.47 lakh crore, and its stock price, currently trading at $412, has climbed by 6.8% over the past year. EV variants of the Nexon, Tigor, Nano, and Tiago, as well as electric buses, are made by Tata Motors. Additionally, it is spending a lot on charging stations. It is a serious contender in the EV market thanks to its alliances with businesses like Tata Steel (for the body), Tata ELXSI (for the software), and Tata Chemicals (for batteries), as well as its network in Europe and East Asia. As a result, it will undoubtedly rank among India's best-ever stocks in India in the coming years.

Maruti Suzuki India Ltd

Maruti Suzuki India is the leading brand for inexpensive entry-level automobiles. Due to its leadership in this market segment, the corporation currently holds the bulk of the market share.

The sole exception is that Maruti Suzuki has not yet moved into the electric car industry, whereas the companies above have done so with their respective automobiles. According to rumours, the business will make its market debut with an electric version of the WagonR, its best-selling vehicle.

Hero MotoCorp Limited

There is practically any discussion of electric two-wheelers because most EVs are four-wheelers. Hero MotoCorp is growing the electric two-wheeler business, which is currently small.

The two-wheeler juggernaut can benefit from a solid lineup of seasoned players including Splendor, Passion Pro, and Hero Pleasure., leaving behind its rivals Bajaj, TVs, and the up-and-coming Ola Electric in the Indian market, where two-wheelers are the most affordable option of private transportation for anyone. Regarding Hero MotoCorp's stock price, it was estimated to be around $2343 as of April 2022.

Electra Greentech Ltd. 

With a market valuation of $4906 million, this business is a division of Megha Engineering and Infrastructures Ltd. Its stock, which is presently at 614.50, has increased 20.75% over the last 12 months. It has a solid history of producing electric buses with a regenerative braking system in the K9 model that conserves 30% of energy while braking and has quicker charging systems. Additionally, it is the exclusive producer of Tarmac electric buses used in airports in India.

Motherson Sumi Systems Limited

Motherson Sumi is one of the largest suppliers of automobile parts in India. Due to its enormous production capability, the company had already bought several small-scale car parts producers and started making parts exclusively for electric vehicles.

It is projected that Motherson Sumi's endeavour will expand over the following years, benefiting the company because an EV requires more parts than a regular car. The company is also in talks to supply EV-specific parts to its various clients in the future.

Exide Industries Limited & Amara Raja Batteries Limited

These two companies are major participants in the battery industry. Up until now, they had been manufacturing lead-based batteries for classic cars. However, they are presently making progress toward producing lithium-ion batteries, an essential component of an electric vehicle.For the past two years, Exide Industries' share price has fluctuated between 150 and 200 dollars. As of January 2022, Exide Industries' share price is now 179. As of April 2022, Amara Raja Batteries' share price was 161, according to records.

Power Grid Corporation of India Limited

A government-owned company with expertise in grid management, high-voltage transmission, and high-power electricity for industries like telecoms. The company is putting charging stations in place all around India. 

The company can predict upcoming government contracts and agreements for the installation of charging stations because the state owns it. The share price of Power Grid Corporation was projected to be between 210 and 229 dollars as of April 2022.

Indian Oil Corporation Limited (IOCL)

The market leader in the current petroleum business and India's largest state-owned petrochemicals enterprise, IOCL, is a prominent player in the gasoline and diesel sector. Even though the EV business offers a serious threat to the corporation and its operations, IOCL has taken a step toward the EV sector by putting charging stations at its fuel pumps across India.

Due to increased demand, the corporation has also suggested adding more charging stations to the gas pumps. The share price of IOCL was projected to reach around 129 as of April 2022.

National Thermal Power Corporation Limited (NTPC)

NTPC, one of India's top thermal power generation companies, had just started the transition to solar energy generation.The company's primary business endeavours were producing and installing solar panels and other solar-powered equipment. 

After experiencing outstanding success in the solar energy sector, the state-owned power company is transitioning to EV power generation by installing charging stations.

NTPC may also eventually roll out solar-powered EV charging stations, according to sources. Regarding the share price of NTPC, it was discovered to be at levels of 152, up almost 35% from the previous year.

Ashok Leyland Ltd. 

It is the fourth-largest bus manufacturer worldwide and a member of the Hinduja Group, with a market worth of 45,941 crore. Some of its EVs include the Circuit, HYBUS, and Electric Euro 6 Truck, and it has plans to increase EV exports. Its share price currently stands at 159.65 after rising 17.22% over the previous 12 months.

Conclusion

In this post, we covered the list of the best ev stocks in India as well as the top EV manufacturers, their ongoing EV-related activity, and potential futures. By 2030, the Indian government aims to completely phase out internal combustion engines in favour of electric vehicles.According to a Mckinsey and Company analysis from 2017, 40% electrification was a more accurate prediction of mobility in 2030. However, this report was written before the Pandemic. In consequence, this will delay electrification in the sector for many more years.

Additionally, if other methods of generating electricity are not adopted, the measures done to facilitate the acceptance of EVs won't serve their primary objective. Coal is used to produce up to 60% of the electricity. Although the government has established important goals to support the rise of EVs, To ensure that they are carried out, considerably more work needs to be done.

The list of the top electric vehicle stocks in India is now complete. The most crucial lesson to learn from this is that TATA firms serve all EV market segments and The TATA Group of Companies is pursuing this ecosystem. A whole cycle of production entails the creation of batteries and spare parts, the development of software, the combination of these components to create an electric vehicle, and finally the installation of EV charging stations at various sites across the nation.

In addition, businesses like Hero MotoCorp and Maruti Suzuki are potential competitors that will soon introduce their electric vehicles to the market. India's EV market has not yet realised its full potential, thus the companies indicated above could be a wise investment. We hope the details we've provided help you with your research into the EV industry. Happy investing in the interim!

FAQs

What does India's EV future hold?

In India, EVs appear to have a promising future. The Indian government is planning to participate in the electric vehicle revolution by having 30% of private automobiles, 70% of commercial vehicles, 40% of buses, and 80% of two- and three-wheelers convert to electricity by 2030. India intends to produce 10 million two-wheelers annually or 15% of the global total.

Which Indian EV stock is best to purchase?

An EV is built from various components, and as a result, many different stocks are involved when looking at the best EV Stocks to purchase in India. Regarding the commercial vehicle industry, Tata Motors is the top stock overall in the EV manufacturing industry. Amara Raja Batteries is a reliable source for EV batteries when it comes to batteries. For the charging market, Tata Power is a wise investment. Please be aware, however, that using this response as a foundation for stock purchases is not advised. Prior to investing, thorough stock analysis must be performed.

Which Indian EV stock is best to purchase?

Numerous different parts go into constructing an EV, and as a result, many different stocks are involved when looking at the best EV Stocks to purchase in India. Regarding the commercial vehicle industry, Tata Motors is the top stock overall in the EV manufacturing industry. Amara Raja Batteries is a reliable source for EV batteries when it comes to batteries. For the charging market, Tata Power is a wise investment. Please be aware, however, that using this response as a foundation for stock purchases is not advised. Prior to investing, thorough stock analysis must be performed.

Who in India is at the forefront of electric vehicles?

Tata Motors is currently in charge of India's electric vehicle market. One of the first businesses to decide to create a completely autonomous electric vehicle independently was Tata Motors. Being a market leader in commercial vehicles,it has big plans to convert its fleet to electric vehicles, including trucks, buses. It is getting ready to introduce its first electric truck soon.

Why do electric vehicles cost so much in India?

Because the batteries used in EVs alone account for 30% to 50% of their cost, electric cars are pricey in India. Because of the high cost of these batteries, EVs are becoming more expensive. The inability of this economic sector to take advantage of the economics of large-scale production is another significant reason why electric cars are so expensive in India. We anticipate that the prices may decrease as demand rises and EVs are produced in large quantities.