Hello friends, welcome back to a new article, we will discuss about best EV stocks in India and explore their potential.
If you’re here to know more about the best EV stocks, you’re in the right place. In this article, we will talk about why the EV segment is so popular and demanding.
Further, we need to know the EV stock’s future demand and growth prospects.
Observing that many companies have entered the EV segment and invested a substantial amount of money. Let’s proceed to analyze the 9 best EV stocks in India in 2023.
To begin, we will discuss the best EV stocks in India and explore their growth potential. If you’re here to learn more about the best EV stocks, you’re in the right place.
In this article, we will delve into the reasons behind the immense popularity and demand of the EV segment.
Additionally, it’s crucial to understand the future demand and growth prospects of EV stocks.
Observing that many companies have entered the EV segment and invested a substantial amount of money. Let’s proceed to analyze the 9 best EV stocks in India for the year 2023.
What is the future of EV stocks?
We need to search more about electric vehicles, future possibility , potential to reduce the cost of transportation, and environmental benefits.
Moving from fossil fuels to electric vehicles (EVs) is most beneficial to our country and it is so important for environment.
Electric vehicles are gaining significant popularity due to emitting zero pollution and reducing transportation costs.
Whereas, our country is seeing a significant increase in EV sales, about 7,21,969 units, as of June end 2023.
Most of the country focuses on electric vehicle adoption and expansion to achieve its goal of net zero emission.
As we know, electric vehicle sectors are divided into four major sub-segments, These segments are as below.
- EV Manufacturer
- Battery Manufacture
- EV Parts and Software
- EV Charging Station
Best Electric Vehicle (EV) Stocks in India
| EV Stocks | Market Cap |
|---|---|
| Olectra Greentech | |
| Tata Motors | |
| Amar Raja Batteries | |
| Sona BLW | |
| Ashok Leyland | |
| Hero Motocorp | |
| Mahindra Electric | |
| Sambardhana Motherson | |
| Uno Minda |
Best Electric Vehicle (EV) Stocks in India
In this article, we will talk about electric vehicles,batteries and ancillary companies’ its fundamentals, and growth prospects.
Olectra Greentech
Olectra Greetech is a subsidiary of Megha Engineering and Infrastructure. The company manufactures next-generation transport systems, electric buses for the Indian market. It has also diversified its product portfolio such as composite polymer insulators, three-wheeler electric auto, and electric trucks.
The company is growing at a very fast pace, with a market cap of Rs 9,324 crore, established in 2000. The company acquired a massive order book in FY 2024.
Hyderabad-based electric bus manufacturer won a multi-crore order of 5,150 buses for design, production, distribution, and maintenance from Maharashtra Road Transport Corporation worth Rs 10,000 crore.
Sona BLW Precision Forgings
Sona BLW Precision Forgings is an auto ancillary company, with a market cap of Rs 32,552 crore. The company is engaged in the design, production, and distribution of engineered automotive systems and components.
The company has increased its focus on expanding its electric vehicle business and hopes to double the revenue of electric vehicles (EV). At present, It generates 25 percent of its revenue from electric vehicle segment.
Tata Motors
Tata Motors is one of the leading manufacturers, suppliers, and distributors. It manufactures all kinds of vehicles such as passenger vehicles, commercial vehicles, buses, light commercial vehicles, and more.
The company was founded in 1945, with headquarters in Mumbai. It started its first commercial vehicle production in 1954 and passenger vehicles started manufacture in 1988 with the name of Tata Mobile.
The company entered into the EV segment and introduced its first electric vehicle Tata Tiago.
Ashok Leyland
Ashok Leyland is a leading manufacturer of commercial vehicles. It is 4th largest manufacturer of buses. The company was established in 1948 by Raghunandan Saran with headquartered in Chennai.
The company has 9 manufacturing plants, 7 in India, one in Ras AI Khaimah(UAE), and one in Leads, United Kingdom.
The company has a presence in 50 countries across the world and 75 years of experience in manufacturing commercial vehicles with the largest fleet of logistics vehicles in India. It has significant partnerships with the armed forces.
Hero Motocorp
Hero Motocorp is engaged in designing, developing, and distributing of two-wheeler motorcycles and scooters in India. The company continued to expand its production capacity, presence, customer touch point, and R&D capacity to emerge as a global brand.
According to the company, its plan to introduce electric vehicles is to continue in progress, and its production will take place at the manufacturing plant at Chittoor in Andhra Pradesh.
The company is focusing on building an EV ecosystem by introducing products to technology, sales service, customer care, and innovation.
Mahindra Electric
Mahindra and Mahindra is a leading manufacturer of automobiles in India. The company designs, develops, and distributes various types of vehicles such as SUVs, cars, commercial vehicles, three-wheeler, motorcycles, and electric vehicles (EVs).
The company is continuing its focus on expansion of EV businesses. It makes a strategic partnership with British International Investment, a new EV company, that needed a total of Rs 8000 crore from FY24 to FY27.
Mahindra and Mahindra have launched an EV SUV car
Samvardhana Motherson
Samvardhana Motherson is a global original equipment manufacturer (OEM) and one of the leading automotive supplier.
The company was founded in 1975 as a small trading firm in Delhi by Srimati Swaran Lata Sehgal and her son, Vivek Chaand Sehgal who is the current chairman.
The company is growing exponentially and is now a leading supplier of automotive in the world.
It supplies a wide range of products to automotive producers such as interiors, lighting, exteriors, and electrical and electronic components.
It is a big supplier and supplies to the world’s leading automakers including Volkswagen, Ford, and General Motors etc.
The company set a target of revenue for 2020-2025, USD 36 billion with 40% ROCE guideline.
UNO Minda
Uno Minda is a well-established and fundamentally strong, auto ancillary manufacturer and supplier based in India.
The company manufactures products like horns, lights, and switches. it is a leader in switching businesses and market share of 67 percent.
The company has a diversified product portfolio and it has 71 production plants in India and internationally. It produces and distributes about 30 categories.
The company reported positive revenue quarter on quarter (QoQ) as well as year on year (YoY) basis.
Amar Raja Batteries
Amar Raja Batteries are one of the leading designer, developer, manufacturer, and supplier batteries and batteries components. The company was founded in 1985 by founder chairman Dr. Ramchandra Gala.
Conclusion
As we discuss, EV is one of the fastest growing sector and companies moved rapidly to capture it’s business potential.
So we can consider to be a multibagger in the upcoming future.