Electric Vehicle Companies in India

A major trend in the nation by this point is the electric automobile. An EV company will occasionally make news in the financial sector, you can be sure of that. This shows how close the EV revolution came to sweeping the country. New technologies simply keep emerging globally in the field of transportation. In order to gain some traction before the industry makes a drastic change away from conventional fossil fuels, many companies are focusing their alternative transportation technology primarily on electric vehicles.

This development might also be viewed as an effort by current companies to catch up to the standards set by electric vehicle (EV) companies like Tesla before it's too late. Today, we examine the Indian market for electric vehicles and the top EV stocks that investors should be aware of.

The domain's footprints are prepared to take the market in India. It wouldn't be overstating things to say that there may come a time when practically all of the automobiles sold in India will be electric vehicles, given the way the enthusiasm is building among auto aficionados. If we check the statistics, we can see that Graphite India and HEG were the two main firms in this field in 2017, when the nation first began to investigate and expand in the EV, but if we take a look at these stocks now, both have increased by over 800% in a year.

Top EV Companies & Stocks In India – Leading Vehicle Manufacturers

Due to the fact that the Indian EV market is still in its early stages, not all vehicle types have a clear market leader. In the two-wheeler market, there are more than ten significant players. In the electric bus market, there are three to four. Here, we present a list of some of India's top manufacturers of electric vehicles. The emphasis is always on Indian enterprises, even if the list includes both domestic and foreign competitors based on their contributions to the industry. So continue reading to learn about the leading EV manufacturers in India.

1. Mahindra Electric

Let's start with India, where the Reva, a rather tiny four-wheeler, was responsible for the first-ever commercialization of electric vehicles. Contrary to the moniker that is currently attached to it, Reva was not born in the home of the renowned Indian automaker Mahindra & Mahindra. Instead, Reva Electric Car Company, or RECC, which was acquired by Mahindra roughly ten years after Reva made its debut in 2001, launched the vehicle. The Mahindra E20 and eVerito are two of its further electric vehicle variations. However, Mahindra has expanded its focus to include the production of battery packs and has cooperated with a number of organizations to promote EV charging.

2. Tata Motors

The largest automaker in India is Tata. Its automobile business includes the production of cars, trucks, buses, military vehicles, and utility vehicles. Tata Daewoo and Jaguar Land Rover are some of its affiliated businesses. Tata, however, is a newcomer as compared to Mahindra in the EV market. Tata Motors has made sure to establish a rock-solid position in the EV industry despite Mahindra's early entry into the EV competition. After years of providing the government with its electric sedan, the Tigor EV, the business released its EVs in India to a resoundingly positive response. Since then, Tata Motors' electric vehicles have represented the new generation of EVs in India. The corporation filed four new names for its next vehicles, which are anticipated to be the names of its EVs. It plans to export 10 electric vehicles to India by 2026. Therefore, we are confident that Tata Motors will lead India's EV adoption, at least for the next ten years.

With design and R&D centres in India, the United Kingdom, Italy, and Korea. Tata Motors, in collaboration with its subsidiary, the UK-based Tata Motors European Technical Centre (TMETC), wants to be a major player in India's EV market. Tata has focused on the Passenger Vehicles and Electric Buses markets in India when it comes to EVs. Tata offers four four-wheeler vehicles to choose from. The Nexon EV, Tigor EV, Nano EV, and Tiago electric variant are all available. Tata anticipates demand from state transportation unions in the electric bus segment. In the long run, demand is expected to be around 400,000 buses. Tata has concentrated on installing charge stations in addition to EVs as part of its attempts to upgrade the infrastructure of the sector.

3. Hyundai

With the introduction of the Hyundai Kona EV in India, Hyundai entered the country's EV market. According to the South Korean automotive industry behemoth, Kona was specially created to accommodate the operational conditions in India. The car's 452km range on a single charge is one of its unique selling points. To put things in perspective, Kona's range is hundreds of kilometres longer than that of other market leaders. However, the Kona is incredibly pricey for Indian markets with an Ex-showroom price of Rs. 23.8 lakhs. In response to this, Hyundai stated that another EV is being developed with affordability in mind to cater to the mass market. In the next two to three years, this EV should be prepared to hit the market.

4. Ashok Leyland

Many people are unaware of Ashok Leyland's involvement in the EV industry for more than a decade. Electric buses, lorries, and other types of commercial vehicles are available from the company. Ashok Leyland, a behemoth in the commercial vehicle industry, appears to be in route to dominating the electric mobility sector as well. Be aware that Switch Mobility Automotive, not Ashok Leyland, is the company behind the debut of the electric vehicles manufactured by Ashok Leyland. The subsidiary even just disclosed that it would spend Rs 1,000 crore to establish a new EV production facility in south India. The goal is to develop commercial electric vehicles in large quantities and market them in the UK and India.

In order to meet the country's e-mobility needs, Ashok Leyland creates electric variations tailored for Indian conditions and has added battery swapping in electric buses. It has introduced a number of electric bus variations, including the Circuit, HYBUS, and Electric Euro 6 Truck, and made the iBUS announcement. The company is currently concentrating on boosting exports as its main priority.

5. Hero Electric

The Hero brand is now connected to a variety of powerful electric scooters that are offered for sale throughout the nation, much like it was with IC engines. With this, Hero Electric is among the top producers of electric scooters in India, coming in second only to Ola in terms of overall sales in April. Seven electric two-wheelers all are sold by the company in India. Three operate at a maximum speed of 25 kmph, while the other three have a top speed of 45 kmph, representing the city-speed lineup. This portfolio also includes a product called Velocity, an electric bicycle.

6. Ola

Ola, a company most known for its ride-hailing service, entered the electric vehicle market in 2021 when it introduced the Ola S1 and Ola S1 Pro electric scooters. Since then, the company has occupied a prominent position in the Indian EV market and is well-positioned to continue expanding with new products. With 12,689 e-scooter units sold in the month of April, it outsold every other electric scooter company in India. According to recent speculations, Ola may possibly be preparing to launch an electric vehicle in India shortly. Ola is concentrating on building out the nation's charging infrastructure in addition to EVs. It has been working with BPCL for a number of years to set up battery swapping facilities for its fleet of electric three-wheelers all over India. Future electric two-wheelers from Ola may also use this service.

7. Olectra Greentech

Olectra Greentech, a business that was established in 1992, is difficult to overlook because it was a pioneer in the development of electric public buses. The business is currently India's top manufacturer of electric buses. The business is a member of the MEIL family. The K6, K7, and K9 E buses are a few of the company's versions. Regarding E buses, their K9 series is regarded as groundbreaking. Regenerative braking is built in and uses 30% less energy when braking. The buses can recharge using its quick charging technology in two to three hours. 

Finally, they can go far distances on a single charge thanks to their Iron Phosphate batteries. Additionally, the business is the sole producer of tarmac electric buses for airports in India. The business recently underwent advancements, one of which was the opening of a 10,000-unit-capable factory in Hyderabad. The company held orders for 2000 buses worth between Rs. 3000 and Rs. 3500 crores for the December quarter of 2021.

8. Ather Energy

In the Indian market for electric two-wheelers, Ather was a pioneer. Not only did the firm release its Ather 450 in 2016, but it also created a remarkable e-scooter that continues to be in high demand. The Ather 450 quickly became a popular product among the general public thanks to its sophisticated appearance, cutting-edge features, and promising performance. Ather, on the other hand, has another goal in mind: creating a quick EV charging network that spans cities. This is accomplished through its Ather Grid programme, a fast charging network with approximately 350 terminals spread over more than 30 cities. According to Ather, the chargers can fully charge an Ather 450 for a day's worth of use in about 30 minutes.

9. Revolt Motors

Revolt introduced the Revolt RV400, the country's first electric motorcycle, and has since made a name for itself in the market for EV two-wheelers. The company's online site still accepts reservations for the electric bike, and an intriguing My Revolt Plan that only asks purchasers to make instalment payments on the bike can be used to purchase one. Even its maintenance and registration costs are covered by the partial payments.

These are just a few of the Indian companies that are now producing electric vehicles. Other manufacturers in the nation that make electric vehicles include Lohia Motors, Ampere Vehicles, Oben, Odysse, and TVS. There are also foreign companies, and they appear increasingly interested in expanding their global EV offers into India.

List of Top 10EV Stocks in India