The demand for electric vehicles (EVs) is on the rise in India, with the government’s push towards reducing carbon emissions and pollution. As a result, there has been a significant increase in the number of EV stocks available for investment in India. In this blog, we will take a closer look at some of the best Electric Vehicle stocks in India for 2023, including automobile manufacturers, battery manufacturers, and EV component suppliers.
India’s transition towards electric vehicles (EVs) has been gaining momentum in recent years, with the government’s push towards reducing carbon emissions and pollution. As the demand for EVs increases, so does the need for companies that manufacture and supply EV components and services. This has led to a rise in the number of EV stocks in India that investors can consider adding to their portfolios. In this blog, we will take a look at some of the best EV stocks in India for 2023.
Let’s get started.
1. Tata Motors Limited (TML) is one of the largest automobile manufacturers in India and has been making significant investments in the EV market. The company has a lineup of electric vehicles that includes the Nexon EV and the Tigor EV, which have been well-received by customers. The Nexon EV, in particular, has received several awards, including the 2021 Green Car of the Year award, and has been one of the top-selling EVs in India.
Tata Motors is also focused on developing a robust EV ecosystem in India, including charging infrastructure. In 2021, the company launched the Tata Power EZ Charge app, which enables EV owners to locate and book charging stations across India. Additionally, the company has plans to install 700 charging stations in 100 cities by 2021.In terms of future plans, Tata Motors aims to expand its EV lineup and introduce more models across different segments. The company has also been investing in research and development to improve the performance and range of its EVs. Overall, Tata Motors is a company that is well-positioned to benefit from the growing demand for EVs in India and is a top pick for investors looking to invest in the EV sector.
2. Mahindra & Mahindra Limited (M&M) is a leading automobile manufacturer in India and has been making significant strides in the EV market. The company has a lineup of electric vehicles that includes the eKUV100, eVerito, and eXUV300, which have received positive feedback from customers. The eKUV100, in particular, is one of the most affordable EVs in India and has been well-received by customers in the commercial and fleet segments.Mahindra & Mahindra is also focused on developing a robust EV ecosystem in India. The company has partnered with various stakeholders to set up a network of charging stations across India, and it has also invested in developing battery technology.
In 2020, the company launched the MESMA 48 platform, which is a modular and scalable EV platform that can be used for a range of vehicles, including passenger cars, commercial vehicles, and two-wheelers.In terms of future plans, Mahindra & Mahindra aims to expand its EV lineup and introduce more models across different segments. The company has also been investing in research and development to improve the performance and range of its EVs. Overall, Mahindra & Mahindra is a company that is well-positioned to benefit from the growing demand for EVs in India and is a top pick for investors looking to invest in the EV sector.
3. Exide Industries Limited is a leading battery manufacturer in India and has been actively involved in the EV market. The company has been focusing on developing advanced batteries for EVs, and its range of lithium-ion batteries has been well-received by customers. Exide has also been collaborating with various stakeholders to develop a robust EV ecosystem in India, including setting up charging infrastructure and developing battery recycling facilities.Exide has been making significant investments in research and development to improve the performance and range of its EV batteries.
In 2021, the company announced plans to set up a lithium-ion battery plant in Tamil Nadu, which will have a capacity of 1.8 GWh per year. This plant will help Exide cater to the growing demand for EV batteries in India and will also help the company reduce its dependence on imports.In terms of future plans, Exide aims to expand its EV battery portfolio and increase its market share in the EV segment. The company is also focused on developing battery recycling facilities to reduce the environmental impact of EV batteries. Overall, Exide Industries Limited is a company that is well-positioned to benefit from the growing demand for EVs in India and is a top pick for investors looking to invest in the EV sector.
4. Bharat Heavy Electricals Limited (BHEL) is a leading engineering and manufacturing company in India and has been making significant contributions to the EV market. The company has been focusing on developing charging infrastructure for EVs, and it has installed several charging stations across the country. BHEL has also been collaborating with various stakeholders to develop a robust EV ecosystem in India, including working on battery technology and energy storage solutions.
BHEL has been making significant investments in research and development to improve the performance and efficiency of EV charging infrastructure. The company has also been developing advanced battery technology, and it has collaborated with Indian Space Research Organization (ISRO) to develop Lithium-ion batteries for EVs.In terms of future plans, BHEL aims to expand its presence in the EV market and develop more advanced technologies for EVs. The company has also been working on developing hydrogen fuel cell technology and energy storage solutions, which could play a crucial role in the future of the EV market. Overall, BHEL is a company that is well-positioned to benefit from the growing demand for EVs in India and is a top pick for investors looking to invest in the EV sector.
5. Hindustan Zinc Limited (HZL) is a leading mining company in India and has been making significant contributions to the EV market. The company has been focusing on developing battery technology for EVs, particularly in the area of Zinc-Air batteries. HZL has been collaborating with various stakeholders to develop Zinc-Air batteries for EVs, which have the potential to significantly improve the range and performance of EVs.
HZL has been making significant investments in research and development to improve the efficiency and durability of Zinc-Air batteries. The company has also been working on developing recycling technologies for Zinc-Air batteries, which could help reduce the environmental impact of EVs.In terms of future plans, HZL aims to expand its presence in the EV market and develop more advanced Zinc-Air battery technology. The company has also been working on developing electric buses that use Zinc-Air batteries, which could be a game-changer in the commercial vehicle segment. Overall, HZL is a company that is well-positioned to benefit from the growing demand for EVs in India and is a top pick for investors looking to invest in the EV sector.
Conclusion
The Indian EV market has seen significant growth in recent years, driven by government initiatives and rising awareness about the need for sustainable transportation. As a result, several companies in India are actively involved in the EV market, with a focus on developing advanced technologies and solutions for EVs.
Tata Motors, Mahindra & Mahindra, Exide Industries, Bharat Heavy Electricals Limited, and Hindustan Zinc Limited are some of the top companies in India that are well-positioned to benefit from the growing demand for EVs. These companies are actively developing EV batteries, charging infrastructure, and other related technologies, which are critical components of the EV ecosystem.Investors looking to invest in the Indian EV sector can consider these companies as they are expected to play a significant role in shaping the future of the EV market in India. With the Indian government’s target of achieving 30% EV penetration by 2030, these companies are likely to see substantial growth opportunities in the coming years.