Top EV Stocks in India 2023 - Revving Up Your Investments
As India is moving towards the era of clean mobility, electric vehicles are becoming more and more popular among Indian drivers as they have no carbon footprints and can help in reducing pollution. Electric vehicle sales in India have actually skyrocketed, with 1,170,916 units sold in the year 2022-2023 only. Reaching $113.99 billion, with a compound annual growth rate of 66.52%, hence the current state of India's electric vehicle stocks is increasing significantly.
Below are some popular and top EV stocks to buy in 2023. Let’s have a look at it!
Tata Motors
Tata Motors is one of the renowned and oldest automotive giants in India. It is known for its manufacturing in various segments like the production of cars, trucks, and other four-wheelers like buses, lorries, and military equipment. In India, Tata Motors has a partnership with another automotive company Fiat. If we talk about Tata's key strengths, its ability to leverage resources around the world is one of its key strengths apart from diversification. Tata's commitment to innovation aims to develop sustainable and advanced automotive technologies across the globe.
Mahindra & Mahindra
Mahindra is another automotive giant in the electric car industry in India. As the first big electric vehicle manufacturer, the company launched its first electric vehicle of Mahindra and India, Mahindra Reva in the year 2001. Mahindra has been building an advanced and fully equipped research and development center in the silicon valley of India for several years. Other electric vehicle options of Mahindra include Mahindra E20 and eVerito. However, Mahindra is active in the electric vehicle and battery industry and has partnered with various organizations to facilitate the charging process for electric vehicles and help in improving the electric vehicle infrastructure of India.
Hero MotoCorp
One of India's largest two-wheeler manufacturers, Hero Motocorp, is looking to speed up its manufacturing plans for its Vida-branded electric vehicle (EV). The company will develop new types of electric vehicles in the coming months in order to expand Hero's product portfolio and plan to launch multiple vehicles to different segments of the electric two-wheeler market, including more affordable vehicles for daily commuters. Hero MotoCorp posted a report online saying its profit for December 2022 was 7.11 billion rupees, up 3.6% from 6.86 billion rupees in the same period last year. Operating income increased by 1.8% to 8,031 million rupees from 7,883 million rupees. The gross margin was 30.6%, an increase of 250 bps from the previous quarter, and reached an all-time high of Rs 19,600 on the sale of every vehicle. This was supported by constant price increases, cost reduction programs, and low raw material prices.
Ashok Leyland
Ashok Leyland is the parent company of the Hinduja Group, the world's fourth-largest passenger vehicle manufacturer and a leader in the Indian truck market. The company partnered with Sun Mobility to strengthen its position in the automotive sector. The company has launched several electric buses, such as the Circuit, HYBUS, and the Euro 6 electric truck, and has in the process to launch the iBUS. But the company's main priority is to strengthen its export efforts.
TVS Motor
TVS has long been a brand of motorcycles, bicycles, and other automotive-related segments. They have made a name for themselves in the market by producing scooters and motorcycles in various styles and designs to cater to the need of daily commuters. With the advent of e-bikes, their stock price started performing well in the market, and are back in the game with other major players.
