The electric vehicle market in India is on a rapid growth trajectory, driven by the global shift towards sustainable transportation and the Indian government’s strong emphasis on promoting electric mobility. As the EV ecosystem expands, it presents lucrative investment opportunities not only in vehicle manufacturers but also in related sectors such as charging infrastructure, battery technology, and renewable energy.

Here’s a detailed look at some of the best EV stocks in India for 2024.

1. Tata Motors

Introduction

Tata Motors, a flagship company of the Tata Group, is a leading global automobile manufacturer with a diverse portfolio that includes cars, utility vehicles, buses, trucks, and defense vehicles. The company is renowned for its commitment to innovation, quality, and sustainability.

New Developments

Tata Motors has been at the forefront of the electric vehicle (EV) revolution in India. Some of the recent developments include:

• Tata Nexon EV Max: An upgraded version of the popular Nexon EV, offering extended range and enhanced features.
• Tata Tigor EV: A compact electric sedan that combines efficiency with affordability, making it accessible to a broader audience.
• EV Charging Infrastructure: Collaborations with Tata Power to expand the EV charging network across India, ensuring convenient access for EV owners.

Product Portfolio

Tata Motors’ product portfolio is extensive and caters to various market segments:

• Passenger Vehicles: Includes popular models like the Tata Harrier, Tata Safari, Tata Altroz, and Tata Tiago.
• Commercial Vehicles: A wide range of trucks and buses, including the Tata Prima, Tata Ultra, and Tata Ace.
• Electric Vehicles: The Nexon EV, Tigor EV, and upcoming models like the Altroz EV and Sierra EV.

Future Projects

Tata Motors is focused on several future projects to maintain its leadership in the automotive industry:

• Advanced Battery Technology: Investing in research and development to improve battery efficiency, reduce costs, and enhance the overall performance of EVs.
• Autonomous Vehicles: Exploring autonomous driving technology to offer safer and more efficient transportation solutions.
• Sustainable Manufacturing: Implementing eco-friendly manufacturing processes and materials to reduce the environmental impact of vehicle production.
• Global Expansion: Strengthening its presence in international markets through strategic partnerships and new product launches.

2. Mahindra & Mahindra

Introduction

Mahindra & Mahindra (M&M) is a leading Indian multinational corporation with a diverse portfolio spanning automotive, farm equipment, IT, real estate, and more. Known for its robust engineering and innovative solutions, M&M has established itself as a key player in both domestic and international markets.

New Developments

Mahindra & Mahindra is actively driving innovation and expansion across various sectors:

• Electric Vehicles (EVs): M&M is committed to leading the EV market with its “Born Electric” vision, which includes the launch of several new electric SUVs by 2030.
• Sustainable Practices: The company is investing heavily in sustainable manufacturing processes and renewable energy sources to reduce its carbon footprint.
• Strategic Investments: M&M has announced a significant investment plan of ₹37,000 crore over the next three years, focusing on the auto sector and new product development.

Product Portfolio

Mahindra & Mahindra’s product portfolio is extensive and diverse:

• Automotive: Includes popular models like the Mahindra Thar, XUV700, Scorpio, and Bolero. The company is also expanding its electric vehicle lineup with models like the eVerito and upcoming electric SUVs.
• Farm Equipment: M&M is a global leader in the tractor market, offering a range of tractors and farm machinery under the Mahindra Tractors brand.
• Real Estate: Through Mahindra Life spaces, the company develops residential and commercial properties, including integrated cities and industrial clusters.

Future Projects

M&M has several ambitious projects lined up for the future:

• New Model Launches: The company plans to introduce 23 new vehicles by 2030, including 16 new models in India over the next six years.
• Advanced Technologies: Focus on developing autonomous driving technology and advanced battery solutions to enhance vehicle performance and safety.
• Global Expansion: Strengthening its presence in international markets through strategic partnerships and new product launches.

3. Hero MotoCorp

Introduction

Hero MotoCorp, headquartered in New Delhi, India, is the world’s largest manufacturer of motorcycles and scooters. With a strong presence in over 40 countries, Hero MotoCorp has been a pioneer in the two-wheeler industry, known for its commitment to innovation, quality, and sustainability.

New Developments

Hero MotoCorp is continuously evolving to meet the demands of modern mobility:

• Electric Vehicles (EVs): The company has launched its first electric scooter, the Vida V1, and plans to expand its EV portfolio with more models in the coming years.
• Premium Motorcycles: Hero has introduced the Mavrick 440, a mid-weight motorcycle, and the Xtreme 125R, enhancing its presence in the premium segment.
• Flex-Fuel Technology: Hero is developing flex-fuel motorcycles, including prototypes like the Hero HF Deluxe, Splendor+, and Glamour, in line with India’s Flex Fuel Initiative.

Product Portfolio

Hero MotoCorp offers a diverse range of products catering to various customer needs:

• Motorcycles: Popular models include the Splendor+, Passion Pro, Xtreme 160R, and XPulse 200.
• Scooters: The lineup features models like the Maestro Edge, Pleasure+, and Destini 125.
• Electric Vehicles: The Vida V1 electric scooter is the first of many planned EVs.

Future Projects

Hero MotoCorp has ambitious plans for the future:

• Expansion of EV Range: The company aims to introduce over a dozen new electric models, including scooters and motorcycles, in the next five years.
• Global Expansion: Hero is strengthening its presence in international markets, with plans to enter new regions and expand its footprint in existing ones.
• Sustainability Initiatives: Hero is committed to achieving carbon neutrality and implementing sustainable manufacturing practices.

4. Exide Industries

Introduction

Exide Industries, headquartered in Kolkata, India, is a leading manufacturer of lead-acid storage batteries and power storage solutions. With a rich history dating back to 1947, Exide has established itself as a key player in the automotive and industrial battery markets, serving customers across the globe.

New Developments

Exide Industries is making significant strides in the battery technology sector:

• Lithium-Ion Cell Manufacturing: Exide is setting up a greenfield lithium-ion cell manufacturing plant in Bengaluru, with the first phase expected to be operational by FY25. This project, with a capacity of 12 gigawatt hours (GWh), will be developed in phases and aims to cater to the growing demand for automotive and industrial lithium-ion batteries.
• Advanced Lead-Acid Batteries: The company is investing in advanced product development, including the commercial release of new Absorbent Glass Mat (AGM) VRLA batteries for the automotive sector.

Product Portfolio

Exide Industries offers a comprehensive range of products:

• Automotive Batteries: Including lead-acid batteries for motorcycles, cars, trucks, and tractors.
• Industrial Batteries: Used in applications such as telecom, UPS systems, solar solutions, and more.
• Inverter and Genset Batteries: Providing reliable power backup solutions.
• Solar Batteries: Catering to the renewable energy sector.
• Home UPS Systems: Ensuring uninterrupted power supply for residential use.
• Lithium-Ion Batteries: Through its subsidiary Exide Energy Solutions, Exide manufactures lithium-ion battery modules and packs.

Future Projects

Exide Industries has several ambitious projects in the pipeline:

• Expansion of Lithium-Ion Production: The company plans to expand its lithium-ion cell manufacturing capacity to meet the increasing demand for electric vehicles (EVs) and industrial applications.
• Global Expansion: Exide aims to increase its international business, targeting new and underserved markets in regions like Southeast Asia and Korea.
• Sustainability Initiatives: The company is committed to sustainable manufacturing practices and reducing its carbon footprint through innovative green technology solutions.

5. Olectra Greentech

Introduction

Olectra Greentech, headquartered in Hyderabad, India, is a leading manufacturer of electric buses and composite polymer insulators. As a pioneer in the electric vehicle (EV) sector, Olectra is committed to providing sustainable and zero-emission public transport solutions.

New Developments

Olectra Greentech is making significant advancements in the EV industry:

• Expansion of Manufacturing Capacity: Olectra is setting up India’s largest electric bus factory with a capacity of 10,000 units per year. The new facility, spread over 150 acres, will also produce electric three-wheelers and trucks.
• Increased Production Targets: The company plans to double its annual electric bus production to 3,000 units by 2024.
• Strategic Partnerships: Olectra is collaborating with BYD for technology transfer and sourcing critical components, enhancing its product offerings and technological capabilities.

Product Portfolio

Olectra Greentech offers a diverse range of products:

• Electric Buses: Including various models designed for urban and intercity transport, known for their reliability and zero-emission performance.
• Electric Trucks and Tippers: Expanding into the commercial vehicle segment with electric trucks and tippers.
• Composite Polymer Insulators: Used in power transmission and distribution, ensuring high performance and durability.

Future Projects

Olectra Greentech has several ambitious projects in the pipeline:

• PM e-Seva Tender: A strategic initiative to further solidify its market position and contribute to government-led sustainable transportation projects.
• Greenfield Plant: A new manufacturing facility with an initial capacity of 5,000 buses per year, scalable up to 10,000 units.
• Global Expansion: Plans to increase its international footprint by targeting new markets and expanding its product line.

6. Ashok Leyland

Introduction

Ashok Leyland, headquartered in Chennai, India, is a flagship company of the Hinduja Group and a leading manufacturer of commercial vehicles. With a rich legacy spanning over seven decades, Ashok Leyland is renowned for its innovative solutions and commitment to sustainability.

New Developments

Ashok Leyland is making significant strides in the commercial vehicle sector:

• Electric Vehicles (EVs): The company is setting up a new manufacturing facility dedicated to electric vehicles, with a $200 million investment through its UK-based arm, Switch Mobility.
• Alternative Fuels: Ashok Leyland is developing powertrains based on alternative fuels like CNG, LNG, hydrogen, and electric, with a planned investment of ₹500 crore.
• New Product Launches: The company plans to unveil 5-6 new products in the light commercial vehicle (LCV) segment this year.

Product Portfolio

Ashok Leyland offers a comprehensive range of products:

• Trucks: From light commercial vehicles to heavy-duty trucks, including models like the Dost, Bada Dost, and AVTR series.
• Buses: A variety of buses for urban, intercity, and school transportation needs.
• Defense Vehicles: Specialized vehicles for military applications.
• Power Solutions: Engines and gensets for industrial and marine applications.
• Electric Vehicles: Including electric buses and light commercial vehicles under the Switch Mobility brand.

Future Projects

Ashok Leyland has several ambitious projects in the pipeline:

• New Energy Portfolio: The company aims to complete its new energy portfolio, which includes CNG, LNG, hydrogen ICE, hydrogen-powered fuel cell electric vehicles, and six battery electric vehicles, within the next couple of years.
• Global Expansion: Plans to increase its international footprint by targeting new markets and expanding its product line.
• Sustainability Initiatives: Committed to achieving carbon neutrality and implementing sustainable manufacturing practices.

7. Amara Raja Batteries

Introduction

Amara Raja Batteries, headquartered in Tirupati, India, is a leading manufacturer of lead-acid storage batteries and power storage solutions. With a strong presence in the automotive and industrial battery markets, Amara Raja is known for its commitment to innovation and sustainability.

New Developments

Amara Raja Batteries is making significant advancements in the energy storage sector:

• Lithium-Ion Cell Manufacturing: The company is establishing a lithium-ion gigafactory in Divitipalli, Telangana, with a planned capacity of 16 GWh for cells and 5 GWh for battery packs by 2029.
• Battery Pack Plant: Recently inaugurated a battery pack plant with an initial capacity of 1.5 GWh, which will be scaled up to 5 GWh.
• Strategic Partnerships: Collaborations with companies like Piaggio and Ather Energy to develop and supply lithium-ion cells and chargers for electric vehicles.

Product Portfolio

Amara Raja Batteries offers a diverse range of products:

• Automotive Batteries: Including lead-acid batteries for motorcycles, cars, trucks, and tractors.
• Industrial Batteries: Used in applications such as telecom, UPS systems, solar solutions, and more.
• Energy Storage Solutions: Advanced home energy solutions, EV chargers, and energy storage systems.
• Lithium-Ion Batteries: Manufacturing lithium-ion cells and battery packs for electric vehicles and stationary energy storage.

Future Projects

Amara Raja Batteries has several ambitious projects in the pipeline:

• Expansion of Lithium-Ion Production: The company plans to expand its lithium-ion cell manufacturing capacity to meet the increasing demand for electric vehicles and industrial applications.
• Global Expansion: Aiming to increase its international footprint by targeting new markets and expanding its product line.
• Sustainability Initiatives: Committed to sustainable manufacturing practices and reducing its carbon footprint through innovative green technology solutions.

8. Himadri Specialty Chemical

Introduction

Himadri Speciality Chemical Ltd, headquartered in Kolkata, India, is a global leader in the production of specialty chemicals. With a strong focus on research and development, innovation, and sustainability, Himadri has established itself as a key player in various industries, including lithium-ion batteries, paints, plastics, tires, aluminum, graphite electrodes, agrochemicals, defense, and construction chemicals.

New Developments

Himadri Specialty Chemical is making significant advancements in the specialty chemicals sector:

• Lithium-Ion Battery Materials: Himadri is setting up India’s first commercial lithium iron phosphate (LFP) cathode plant in Odisha, with an investment of ₹4,800 crore over the next 5-6 years. This plant will produce 2 lakh tones of LFP, a key material for lithium-ion batteries used in electric vehicles.
• Specialty Carbon Black: The company has launched several new grades of specialty carbon black and is expanding its production capacity to meet growing market demands.
• Sustainability Initiatives: Himadri is committed to achieving net-zero emissions by 2050, with interim targets for 2025 and 2030.

Product Portfolio

Himadri Specialty Chemical offers a diverse range of products:

• Specialty Carbon Black: Used in various applications, including tires, plastics, and paints.
• Coal Tar Pitch: Essential for the aluminum and graphite electrode industries.
• Refined Naphthalene: Used in the production of plasticizers and other chemicals.
• Sulphonated Naphthalene Formaldehyde (SNF): A key ingredient in construction chemicals.
• Specialty Oils: Catering to various industrial applications.
• New Energy Materials: Including materials for lithium-ion batteries.

Future Projects

Himadri Specialty Chemical has several ambitious projects in the pipeline:

• Expansion of Lithium-Ion Production: The company plans to expand its lithium-ion battery materials production capacity to meet the increasing demand for electric vehicles.
• Global Expansion: Himadri aims to increase its international footprint by targeting new markets and expanding its product line.
• Advanced Carbon Materials: The company is setting up a new plant for advanced carbon materials with a capacity of 20,000 MTPA.

9. TVS Motor Company

Introduction

TVS Motor Company, headquartered in Chennai, India, is one of the largest manufacturers of two-wheelers and three-wheelers in the world. Known for its innovation, quality, and customer satisfaction, TVS has a strong presence in over 80 countries.

New Developments

TVS Motor Company is making significant strides in the automotive sector:

• Electric Vehicles (EVs): TVS is expanding its EV portfolio with new models, including electric two-wheelers and three-wheelers. The company plans to launch an electric three-wheeler in the upcoming quarter.
• Strategic Investments: TVS has committed to investing ₹1,800 crore in FY2024, focusing on both EVs and internal combustion engine (ICE) models.
• Global Collaborations: TVS is working with BMW Motorrad to develop urban EVs for global markets.

Product Portfolio

TVS Motor Company offers a diverse range of products:

• Motorcycles: Including popular models like the Apache series, Raider 125, and Star City+.
• Scooters: Featuring models such as the Jupiter, Ntorq 125, and Scooty Pep+.
• Mopeds: Known for the TVS XL100.
• Electric Vehicles: The TVS iQube electric scooter is a key part of their EV lineup.
• Three-Wheelers: Catering to both passenger and cargo segments.

Future Projects

TVS Motor Company has several ambitious projects in the pipeline:

• Expansion of EV Range: The company plans to introduce a series of new EVs, including electric three-wheelers and premium electric motorcycles.
• New Product Launches: TVS is set to launch 5-6 new products in the light commercial vehicle (LCV) segment this year.
• Sustainability Initiatives: Committed to sustainable manufacturing practices and reducing its carbon footprint.