Featured Image Caption: Future of EV in India
With the advent of newer technologies almost every day, the world is heading towards more options for sustainable development. One such option available in the automobile sector is electronic vehicles (EVs).
According to data from the Federation of Automobile Dealers Associations (FADA), the sale of retail electric cars (EV) increased thrice in 2021-22 (April-March). For instance, 4.29 lakh EVs were sold in 2021-22. This is up from 1.34 lakh the previous year and 1.68 lakh in 2019-20.
Naturally, we can expect a sharp rise in the sales of electric vehicles in the next 3 to 4 years, owing to their cost-efficiency and wide adoption by various governments around the globe. This stratospheric rise of EVs in India has prompted investors to look for businesses that can benefit from the EV revolution.
Top 5 EV Stocks In India 2022
By 2030, the Indian government aims to replace all petrol engines with electric vehicles. The electric vehicle segment is unquestionably the future of the automobile industry. And, since a shift to electric vehicles seems to be around the corner, it could be a good idea to start investing in EV stocks right now!
Below we have listed the top 5 EV stocks in India in which you can consider putting your money:
Mahindra & Mahindra Limited:
The company is the leader in electric vehicles in India. It launched its first-ever electric vehicle, Mahindra Reva, in 2001. The Mahindra E20 and eVerito are two of the other electric vehicles launched by the brand in the segment. Currently, the Mahindra share price is being traded at INR 1255 (Aug 2, 2022).
Hero Motocorp Limited:
Hero MotoCorp is the largest distributor and manufacturer of two-wheeled electric vehicles in the country. It operates in the segment via its subsidiary Hero Electric and enjoys the benefit of being the first to market these automobiles. Currently, the Hero Motorcorp share is traded at INR 2770 (Aug 2, 2022).
Tata Motors Limited:
Tata Motors, in partnership with its UK-based subsidiary, Tata Motors European Technical Centre (TMETC), aims to be a major player in India’s electric vehicle market. Tata has concentrated its EV efforts in India on the passenger vehicle and electric bus markets. The share of Tata Motors is currently being traded at a price level of INR 476 (Aug 2, 2022).
JBM Auto Limited:
JBM has revolutionised public transportation with its finest, modern, and massively advanced technology. It has launched low emission electric buses, setting new standards for passenger comfort, safety, affordability, and innovation. The current share price of JBM Auto Ltd is INR 433 (Aug 2, 2022).
Ashok Leyland Limited:
Ashok Leyland ranks as the 2nd-largest manufacturer of commercial vehicles in India, the 4th-largest bus manufacturer globally, and the world’s 12th largest truck manufacturer. In August 2021, it launched the electric bus for the Chandigarh City Bus Services Society. The buses come with fast-charging technology. Ashok Leyland’s share price currently stands at INR 149 (Aug 2, 2022).
The above list has been carefully curated after reviewing details like the prominent electric vehicle manufacturers in the country, their current work in the EV segment, and prospects. This is because electric vehicles are expected soon to become the country’s primary mode of transportation. This shift would not only be from an environmental standpoint and a profit standpoint for the companies in the automobile segment.