Top electric vehicle stocks in india share price

Top electric vehicle stocks in india share price

electric vehicle stocks

The electric vehicle stocks (EV) market in India is gaining momentum, and we’re seeing a surge in interest for EV stocks. As the automotive industry shifts gears towards cleaner and more sustainable transportation, many investors are keeping a close eye on companies leading the charge in this exciting sector. We’ve noticed that EV stocks are becoming increasingly popular, with both established automakers and new entrants vying for a piece of the electric pie.

In this article, we’ll take a look at some of the top EV stocks in India and their share prices. We’ll explore well-known players like Tata Motors and Maruti Suzuki, as well as other key companies making waves in the EV space. We’ll also delve into the factors driving EV adoption in India, discuss potential risks and challenges for EV stocks, and give you insights into the future of this rapidly evolving industry. Whether you’re a seasoned investor or just starting to explore the world of EV stocks, we’ve got you covered with valuable information to help you make informed decisions.

Tata Motors Ltd

Tata Motors Ltd

When we talk about electric vehicle stocks in India, Tata Motors Ltd stands out as a frontrunner. Let’s dive into what makes this company a key player in the EV market.

Tata Motors Company Overview

Tata Motors has a rich history dating back to 1945 and has grown into one of the world’s largest automotive companies. We’re impressed by its global presence, spanning over 175 countries and offering a diverse range of vehicles from passenger cars to commercial trucks . With a network of more than 4,000 dealerships and service centers, Tata Motors provides comprehensive after-sales support, including extended warranties and financing options .

What’s caught our attention is Tata Motors’ leadership in the Indian EV segment. The company has made significant strides in this space, particularly through its subsidiary, Tata Passenger Electric Mobility (TPEM). In August 2023, TPEM unveiled its new brand platform, TATA.ev, in collaboration with Landor, a strategic brand and design consultancy . This move signals Tata’s commitment to the electric future.

Tata Motors EV Strategy

Tata Motors’ EV strategy is centered around innovation and market expansion. We’ve noticed that TPEM has captured a whopping 70% of the Indian EV market as of January 2024, with sales exceeding 100,000 passenger EVs . This is impressive, considering the EV market in India is still in its early stages.

The company’s approach goes beyond just selling vehicles. TATA.ev’s brand platform, “Move with Meaning,” emphasizes purposeful mobility with environmental responsibility . We find this aligns well with the growing consumer awareness about sustainability.

To address common concerns like range anxiety and charging infrastructure, Tata Motors is taking a holistic approach. They’re not just focusing on vehicle sales but also on creating an ecosystem. Their retail spaces are designed as interactive hubs where people can learn about EVs, attend events, and get their questions answered .

Looking ahead, Tata Motors plans to expand its EV portfolio. They’re set to add three more models, bringing their total EV offerings to six . We’re particularly excited about the launch of the Curvv EV, which aims to capture a significant market share in the midsize SUV segment .

Tata Motors Financial Performance

Tata Motors’ financial performance reflects its strong position in the market. For the quarter ended June 30, 2024, the company reported a consolidated total income of Rs 109,623.00 Crore, showing a 5.82% increase from the same quarter last year . What’s more impressive is the net profit after tax of Rs 5,563.00 Crore in the latest quarter .

The company’s financial health has also caught the attention of rating agencies. Moody’s recently upgraded Tata Motors’ rating to Ba1, a two-notch improvement that reflects strong governance . This upgrade, combined with the company becoming net debt-free, has boosted investor confidence.

In the stock market, Tata Motors has been outperforming indices, with its stock price rising 73.32% over the past year . Analysts like Kunal Bothra have set optimistic target prices, recommending buying shares with a target of Rs 1040 .

As we look at Tata Motors’ journey in the EV space, we’re impressed by their strategic moves and financial performance. Their focus on creating a comprehensive EV ecosystem, coupled with strong market share and financial growth, positions them as a compelling option for investors interested in the Indian EV market.

Maruti Suzuki India Ltd

Maruti Suzuki India Ltd

Maruti Suzuki Company Overview

As we look at the electric vehicle landscape in India, Maruti Suzuki India Ltd stands out as a major player in the automotive industry. While they’ve been a bit late to the EV game, we’re excited to see their plans unfolding. Maruti Suzuki has been a household name in India for decades, known for their reliable and affordable vehicles. Now, they’re gearing up to make a splash in the electric vehicle market.

Maruti Suzuki EV Plans

We’ve been keeping a close eye on Maruti Suzuki’s EV strategy, and it’s clear they’re taking a cautious but ambitious approach. The company is set to enter the EV space with a mid-size SUV based on the e-VX concept. However, we’ve learned that there’s been a slight delay in their plans. The start of production, initially scheduled for September 2024, has been pushed back to February 2025 at the earliest . This delay is due to challenges with battery supplies and software issues, which shows just how complex the transition to EVs can be.

Despite this setback, Maruti Suzuki’s EV roadmap looks promising. They’re not just focusing on the domestic market; they’ve got their sights set on international expansion too. In fact, we’ve heard that they plan to export EVs to countries like Europe and Japan . This move could be a game-changer for the company’s global presence.

What’s really caught our attention is Maruti Suzuki’s long-term vision. They’re planning to launch half a dozen electric vehicles in India by FY31 . This range will cover everything from hatchbacks to SUVs, showing that they’re aiming to cater to various segments of the market. By the end of the decade, they’re expecting electric vehicles to make up about 15% of their total sales . That’s a significant shift for a company that’s been predominantly focused on traditional fuel vehicles.

We’re also impressed by Maruti Suzuki’s commitment to local production. They’ve taken their time to enter the EV market, focusing on localizing parts and aiming to make EVs in India for global operations . This approach could give them a competitive edge in terms of cost and supply chain management.

Maruti Suzuki Financial Highlights

Looking at Maruti Suzuki’s financial performance, we’re seeing some impressive numbers. In the fiscal year 2023-24, the company achieved a significant milestone by surpassing annual total sales of 2 million units for the first time . They sold a total of 2,135,323 vehicles, showing a growth of 8.6% compared to the previous year .

What’s really caught our eye is their financial growth. Maruti Suzuki reported net sales of INR 1,349,378 million in FY2023-24, a substantial increase of 19.9% from the previous year . Even more impressive is their net profit, which soared to INR 132,094 million, a whopping 64% higher than the previous fiscal year .

We’re particularly excited about their export performance. Maruti Suzuki has maintained its position as the top exporter for the third consecutive year, contributing 41.8% of total passenger vehicle exports from India . This strong export performance, combined with their plans to export EVs, paints a promising picture for their future in the global market.

As Maruti Suzuki gears up for its EV journey, we’re eager to see how their strategic moves in this space will impact their already strong market position. With their robust financial performance and ambitious EV plans, they’re certainly a company to watch in the evolving landscape of electric vehicles in India.

Mahindra and Mahindra Ltd

Mahindra and Mahindra Ltd

Mahindra and Mahindra Company Profile

When we talk about major players in the Indian automotive industry, Mahindra and Mahindra Ltd (M&M) stands out as a prominent name. Known for its robust SUVs, M&M has been a household name in India for decades. We’ve seen the company evolve over the years, and now it’s making significant strides in the electric vehicle (EV) space.

M&M isn’t just focusing on EVs; they’re adopting a multipronged strategy to increase their market share in both the ICE (Internal Combustion Engine) and EV segments of the Indian passenger vehicle space . This approach shows us that they’re not putting all their eggs in one basket, which we think is a smart move given the current market dynamics.

Mahindra and Mahindra EV Initiatives

We’re excited about M&M’s ambitious EV plans. The company has announced that they’re on track to introduce five born-electric SUVs by October 2026 . This isn’t just talk – they’ve already showcased their model range in the United Kingdom and committed a whopping Rs 10,000 crore to the EV business .

What’s caught our attention is their INGLO skateboard platform, which all these upcoming EVs will use . This platform is pretty versatile, supporting both single-motor and dual-motor configurations for 2WD and 4WD models. It’s compatible with fast charging of up to 175kW, which they claim can charge up to 80 percent in just 30 minutes . That’s impressive and could be a game-changer for potential EV buyers worried about charging times.

We’re also intrigued by M&M’s partnership with Volkswagen. They’ve reached an agreement to evaluate the scope of collaboration, which could potentially lead to using VW components in their EVs to save costs . This kind of strategic partnership could give M&M a significant edge in the competitive EV market.

Mahindra and Mahindra Financial Results

Looking at M&M’s financial performance, we’re seeing some solid numbers. In the fourth quarter of the 2023-24 fiscal year, the company reported a 4% increase in net profit, reaching ₹2,754 crore . This growth was driven by their auto and farm sector segments.

For the full fiscal year 2023-24, M&M’s profit surged by an impressive 25% to ₹11,269 crore, compared to ₹9,025 crore in the previous year . Their revenue also saw a significant boost, increasing by 15% to ₹1,39,078 crore .

We’re particularly impressed with their auto business performance. M&M reported that their auto segment’s profit after tax (PAT) for Q4 was ₹1,345 crore, a threefold increase, while the full-year profit came in at ₹4,714 crore, up 2.5 times . These numbers show us that M&M’s focus on SUVs is paying off.

As we look at M&M’s journey, we’re excited to see how their EV initiatives will shape their future growth. With their strong financial performance and ambitious plans in the EV space, M&M is definitely a company to watch in the evolving landscape of the Indian automotive industry.

TVS Motor Company Ltd

TVS Motor Company Ltd

TVS Motor Company Overview

We’ve been keeping a close eye on TVS Motor Company, and it’s clear they’re making significant strides in the automotive industry. As one of India’s leading two-wheeler manufacturers, TVS has been quick to recognize the potential of electric vehicles (EVs) in the changing market landscape.

What’s caught our attention is the company’s ambitious vision for the future. TVS anticipates that EVs will make up 25-30% of their total two-wheeler sales within the next two to three years . This projection shows they’re not just dipping their toes in the EV waters; they’re diving in headfirst.

To back up this vision, TVS has made a substantial commitment to invest INR 5,000 crore in the design, development, and deployment of future technologies and products . This investment is a clear signal of their dedication to electric mobility and their determination to stay ahead in the rapidly evolving automotive sector.

TVS Motor EV Portfolio

TVS’s EV portfolio is expanding rapidly, and we’re impressed by the range they’re developing. Currently, they offer the iQube and TVS X models in the electric scooter segment . But they’re not stopping there. The company has plans to introduce another electric scooter this year, further broadening their EV offerings .

What’s really exciting is TVS’s approach to innovation. They’ve launched the TVS Racing Electric One Make Championship and are developing TVS Apache RTE (Racing Throttle Electric) race motorcycles . This move into electric racing technology suggests they’re serious about pushing the boundaries of EV performance.

Looking ahead, TVS is exploring new territories in the EV space. They’re considering venturing into electric bicycles and cargo three-wheelers . This diversification shows they’re thinking beyond traditional two-wheeler markets and recognizing the potential in urban logistics and last-mile delivery solutions.

We’re also impressed by TVS’s global ambitions. They’re planning to expand their EV sales across international markets, with a particular focus on the ASEAN region . By leveraging their Indonesia facility to manufacture electric scooters for South East Asian markets, TVS is positioning itself as a key player in the global EV landscape .

TVS Motor Financial Performance

TVS’s financial performance reflects their strong position in the market. In the 2023-24 fiscal year, the company posted its highest-ever revenue and profit numbers. Their profit rose to Rs 2,083 crore, up from Rs 1,491 crore in the previous year . Revenue from operations saw a 20% growth, reaching Rs 31,776 crore .

What’s particularly noteworthy is the company’s performance in the EV segment. In FY24, TVS witnessed a remarkable 101% growth in EV sales, reaching 1.94 lakh units compared to 97,000 units in the previous year . This growth in EV sales, coupled with strong performance in their traditional segments (19.9 lakh motorcycles and 15.7 lakh scooters sold in the same period), paints a picture of a company successfully balancing innovation with its core business .

Looking ahead, TVS has lined up a capital expenditure of Rs 1,000 crore for the current financial year . About 70% of this will be spent on developing new two-wheelers and three-wheelers in both ICE and EV segments, as well as enhancing digital capabilities . This investment strategy shows TVS is committed to driving growth through innovation across all its product lines.

Bajaj Auto Ltd

Bajaj Auto Ltd

Bajaj Auto Company Background

When we talk about iconic Indian automotive brands, Bajaj Auto Ltd immediately comes to mind. Established in Rajasthan by Jamnala Bajaj in the 1940s, this Pune-based company has grown into a multinational powerhouse . Today, Bajaj Auto stands as the world’s third-largest motorcycle manufacturer and India’s second-largest .

The company’s journey began on November 29, 1945, as M/s Bachraj Trading Corporation Private Limited. Initially, Bajaj Auto focused on importing and selling two and three-wheelers in India. It wasn’t until 1959 that they received a license from the Indian government to manufacture these vehicles . In 1960, Bajaj Auto became a public limited company, and in 2008, it underwent a significant restructuring, separating into three entities: Bajaj Finserv Limited (BFL), Bajaj Auto Ltd (BAL), and Bajaj Holdings and Investment Ltd (BHIL) .

Bajaj Auto’s manufacturing footprint spans across India, with plants in Chakan (Pune), Waluj (near Aurangabad), and Pantnagar (Uttrakhand) . These facilities contribute to an impressive production capacity of over 4 million two-wheelers annually .

Bajaj Auto EV Strategy

We’ve been closely following Bajaj Auto’s foray into the electric vehicle (EV) market, and it’s clear they’re making significant strides. The company’s EV journey began in January 2020 with the reintroduction of the iconic Chetak, this time as a modern electric scooter . Since its launch, Bajaj Auto has sold over 100,000 units of the Chetak electric scooter in India, showcasing the growing popularity of EVs in the country .

Bajaj’s EV strategy focuses on offering a diverse range of options to cater to different consumer needs. The Chetak is available in multiple variants: the Chetak Premium, Chetak Premium Tecpac, Chetak Urbane, and Chetak Urbane Tecpac . This variety ensures that riders can find a model that aligns with their preferences in terms of performance, features, and budget.

The Chetak series prioritizes both performance and efficiency. The Premium and Urbane Premium models boast a top speed of 73 kilometers per hour, while the Urbane offers a top speed of 63 kilometers per hour . When it comes to range, the Premium variants deliver an impressive 126 kilometers on a single charge, while the Urbane models offer 113 kilometers .

Bajaj has equipped the Chetak with advanced technological features to enhance rider experience. These include a 5-inch TFT display, turn-by-turn navigation, music control, call management, and hill hold mode . Safety features like proximity lock/unlock, anti-theft alert systems, and geo-fencing are also integrated into the scooters .

Bajaj Auto Financial Highlights

While specific financial figures for Bajaj Auto’s EV division are not provided in the given information, we can glean some insights into the company’s overall performance and strategy. Bajaj Auto’s Managing Director, Rajiv Bajaj, has acknowledged that predicting profitability in the EV market is challenging due to various factors, including pricing, which is not entirely under the company’s control .

However, Bajaj Auto is well-positioned to navigate the evolving EV landscape, thanks to its strong 20% EBITDA margin . This financial strength allows the company to be “not unduly worried” about potential changes in government subsidies for electric vehicles .

It’s worth noting that Bajaj Auto’s success extends beyond the domestic market. The company has a significant global presence, exporting to 70 countries and holding a 49% share in KTM . This international reach contributes to the company’s overall financial stability and growth potential in the EV sector.

Ashok Leyland

Ashok Leyland

Ashok Leyland Company Profile

We’ve been keeping a close eye on Ashok Leyland, and it’s clear they’re making significant strides in the automotive industry. As India’s second-largest medium and heavy commercial vehicle manufacturer, Ashok Leyland has been serving the nation for 75 years . The company’s journey began in the 1940s, and today, it stands as a multinational powerhouse with a global footprint.

Ashok Leyland’s manufacturing capabilities are impressive. They have plants in Chakan (Pune), Waluj (near Aurangabad), and Pantnagar (Uttrakhand), contributing to an annual production capacity of over 4 million two-wheelers . What’s caught our attention is their ambitious plan to expand their global presence. The company’s Managing Director and CEO, Shenu Agarwal, has stated, “We are going to expand our global footprint in a much more aggressive manner with the new products and new technologies that we are investing in” .

Ashok Leyland EV Plans

We’re excited about Ashok Leyland’s bold moves in the electric vehicle (EV) space. The company has recently announced the groundbreaking of a new integrated commercial vehicle plant focused on green mobility in Uttar Pradesh . This facility, spread over 70 acres, will primarily produce electric busses, with the capability to manufacture other vehicles, including trucks powered by alternative fuels .

The plant’s initial capacity is set at 2,500 vehicles per year, with plans to ramp up to 5,000 vehicles annually over the next decade . This expansion aligns with the growing demand for electric and low-carbon commercial vehicles in the coming years.

Ashok Leyland isn’t just focusing on the domestic market. They’re set to make a significant impact in Europe with their electric bus, E1. As Executive Chairman Dheeraj Hinduja put it, “On the electric busses segment, you can see us going into European market quite aggressively and that will create a good footprint for us in Europe and U.K.” . The company has already won a tender in Spain for the E1 bus .

In India, Ashok Leyland sold around 400 busses last year and has unveiled India’s first 9-meter hydrogen fuel cell bus developed for NTPC . They’re also broadening their product strategy, looking at higher-end electric trucks and exploring luxury applications for electric busses .

Ashok Leyland Financial Results

We’ve been analyzing Ashok Leyland’s financial performance, and the results are impressive. In the first quarter of FY25, the company reported a 5% year-on-year increase in revenue from operations, amounting to ₹8,599 crore . Their EBITDA saw a notable rise of 11.2%, reaching ₹912 crore compared to ₹820 crore in the same period last year . This growth led to a margin increase to 10.6% from the previous 10% .

However, it’s worth noting that the net profit fell by 8.7%, totaling ₹526 crore, down from ₹576 crore in the previous quarter . This decline is attributed to a one-time tax implication of an exceptional item.

Ashok Leyland’s domestic MHCV volume grew by 8% year-on-year, with the company’s market share at 30.7% . The bus market share saw a significant increase to 33.3% . In the LCV segment, the company’s volume in Q1 FY25 was 15,345 units, 4% higher than Q1 of the previous year .

Looking ahead, Ashok Leyland is focused on achieving mid-teen EBITDA in the medium term while investing in future technologies . With their strong financial performance and ambitious EV plans, we’re excited to see how Ashok Leyland will shape the future of sustainable transportation in India and beyond.

Key Factors Driving EV Adoption in India

Key Factors Driving EV Adoption in India

We’ve been closely monitoring the electric vehicle (EV) market in India, and it’s clear that several key factors are propelling its growth. Let’s dive into the main drivers behind this exciting shift in the automotive landscape.

Government Policies and Incentives

The Indian government has been actively pushing for EV adoption through various initiatives. One of the most significant is the FAME (Faster Adoption and Manufacture of Electric (Hybrid) Vehicle) scheme. Under FAME-II, launched in April 2019 with a budget of Rs 10,000 crore, the government aims to support 500,000 e-two-wheelers, 5,000 e-three-wheelers, 7,000 e-busses, and 55,000 e-passenger vehicles .

We’ve also seen the introduction of the Production Linked Incentive (PLI) Scheme for the automotive sector, with a budget of $3.10 billion, aimed at boosting domestic production of advanced automotive technology products . Additionally, a separate PLI Scheme for Advanced Chemistry Cell Battery Storage has been launched with a budget of $2.10 billion over seven years .

The government’s support extends to fiscal incentives as well. EV buyers benefit from a reduced GST rate of 5%, compared to 28% for internal combustion engine vehicles . There’s also a government-funded interest subsidy program that enables EV purchases at lower interest rates, reducing overall costs .

Rising Fuel Prices

We can’t ignore the impact of rising fuel prices on EV adoption. Between March and May 2022, gasoline prices in India increased by more than 10%, reaching record highs of over INR 120/liter ($5.68/gallon) . This trend has made EVs an increasingly attractive option for cost-conscious consumers.

Our analysis shows a positive correlation of around 0.7 between time and petrol prices, suggesting that this upward trend is likely to continue . This economic factor, combined with the fact that electricity is on average 17 times cheaper than gasoline, is driving more people towards EVs .

Increasing Environmental Awareness

We’ve noticed a significant shift in consumer behavior towards sustainability. Environmental consciousness has become one of the top five criteria for vehicle purchase decisions, alongside factors like safety, brand reputation, and cost . This growing awareness about environmental issues is playing a crucial role in propelling EV adoption.

EVs offer a cleaner alternative to traditional vehicles, with zero tailpipe emissions. This aspect is particularly appealing in the context of India’s target of a 45% reduction in emissions intensity by 2030 . The shift to EVs not only helps in reducing air pollution but also aligns with the country’s broader environmental goals.

As we look at these factors collectively, it’s clear that the combination of supportive government policies, economic incentives, rising fuel costs, and increasing environmental awareness is creating a favorable ecosystem for EV growth in India. We’re excited to see how this trend continues to shape the future of mobility in the country.

Risks and Challenges for EV Stocks

Risks and Challenges for EV Stocks

Competition in the EV Market

We’re seeing intense competition in the Indian EV market. Tata Motors currently dominates with a 72% market share, followed by MG Motors at 10.8% and Mahindra at 9% . However, the landscape is rapidly evolving. Tata Motors plans to launch four more EV brands in 2024, while TVS Motor Company aims to double its production from 50,000 units in FY 2022-23 to 100,000 units in FY 24 . This fierce competition could impact stock performance and market share for EV companies.

Battery Technology Limitations

Battery technology remains a significant challenge for EV adoption. While costs have decreased by 85% in the last decade, with battery pack prices dropping to $1.67 per kilowatt hour in 2023 , limitations persist. Lithium-ion batteries are reaching their physicochemical limits, resulting in extended charging times that deter consumers . Safety concerns have also arisen, with fire incidents leading to recalls by major players like Ola Electric, Pure EV, and Okinawa .

Charging Infrastructure Constraints

The pace of EV charging infrastructure growth in India is not keeping up with the increasing fleet of electric vehicles . Currently, there are only about 8,738 operational charging stations across the country , far short of the 46,397 public charging stations expected by the Bureau of Energy Efficiency (BEE) in nine major cities by 2030 . This uneven distribution, favoring urban centers, creates “range anxiety” for potential EV buyers, limiting their travel choices . Additionally, the significant capital expenditure required for setting up charging stations has made retail stores, small business owners, and RWAs hesitant to provide public charging facilities .

Conclusion

To wrap up, the electric vehicle market in India is showing promising growth, driven by government support, rising fuel costs, and increasing environmental awareness. Companies like Tata Motors, Maruti Suzuki, and Mahindra are making significant strides in this space, investing heavily in EV technology and expanding their product lines. This shift has a substantial impact on the automotive industry, creating new opportunities for investors and consumers alike.

However, challenges remain, including the need for better charging infrastructure and advancements in battery technology. Despite these hurdles, the future looks bright for EVs in India. As the market continues to evolve, we’ll likely see more innovation, increased competition, and greater adoption of electric vehicles across the country. This transition to electric mobility is not just a trend but a fundamental shift that’s reshaping the automotive landscape in India.

FAQs

1. What is the best electric vehicle stock to invest in within India?

  • The answer to this question is not provided directly in the input data.

2. Which electric vehicle company holds the largest market share in India?

  • Tata Motors leads the market with over 65% share, closely followed by MG Motor, which has around 13% of the market. Additionally, the electric bus segment saw an 84% increase in sales in the fiscal year 2024.

3. Which company has the highest market share in the electric vehicle sector globally?

  • As of 2023, Tesla held a 55% market share of all electric vehicles sold in the United States, although this was a decrease from 62% in 2022. Initially, in Q1 2022, Tesla’s market share was as high as 75%, but by Q2 2024, it had dropped to 49.7%.

4. What are the projected market shares for different types of electric vehicles in India by 2025?

  • By 2025, it is anticipated that three-wheelers (3W) will achieve around 40% market penetration, potentially increasing to 70% by 2030. For four-wheelers (4W), commercial vehicles are expected to dominate, with an estimated market penetration of about 10% in 2025, rising to approximately 25% by 2030.

Read More – Which Electric Car Has the Longest Range in 2024?

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