India’s electric vehicle (EV) market is experiencing exponential growth, driven by government incentives, technological advancements, and rising consumer demand for sustainable mobility. As the industry continues to evolve, investors are closely monitoring the top EV stocks that offer promising long-term potential.
Top 10 EV Stocks in India to Watch in 2024
1. Tata Motors Ltd
Market Cap: ₹1,85,000 Cr
Tata Motors, India’s leading automotive manufacturer, has emerged as a frontrunner in the EV space with its popular models like the Nexon EV and Tigor EV. The company’s strong brand recognition, diverse product portfolio, and technological expertise make it a top pick among EV stocks.
2. Mahindra & Mahindra Ltd
Market Cap: ₹1,50,000 Cr
Mahindra & Mahindra, a diversified conglomerate, has been a pioneer in the Indian EV market. Its electric SUVs, such as the XUV400 and the upcoming Bolero Neo EV, have garnered significant attention from consumers and investors alike.
3. Hero MotoCorp Ltd
Market Cap: ₹90,000 Cr
Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, has made strategic investments in the EV space. The company’s foray into electric two-wheelers, including the Vida V1 Pro, positions it as a key player in the rapidly growing Indian EV market.
4. Bajaj Auto Ltd
Market Cap: ₹1,10,000 Cr
Bajaj Auto, a renowned two-wheeler manufacturer, has been actively expanding its EV portfolio. The company’s electric scooter, the Chetak, has received a positive market response, solidifying its position as a contender in the Indian EV landscape.
5. Exide Industries Ltd
Market Cap: ₹20,000 Cr
Exide Industries, a leading battery manufacturer, is well-positioned to capitalize on the growing demand for EV batteries in India. The company’s expertise in battery technology and its strategic partnerships with EV manufacturers make it an attractive investment option.
The remaining top 10 EV stocks in India for 2024 are:
6. Maruti Suzuki India Ltd
7. Ashok Leyland Ltd
8. TVS Motor Company Ltd
9. Olectra Greentech Ltd
10. Greaves Cotton Ltd
These EV stocks offer investors exposure to the diverse and rapidly evolving Indian electric vehicle market, with companies operating in various segments, including passenger vehicles, commercial vehicles, and two-wheelers. However, investors should carefully consider factors like company fundamentals, industry trends, and valuations before making investment decisions.
