Best EV Stocks in India in 2022

Best EV Stocks in India in 2022

Updated on
Best EV Stocks in India in 2022

Best EV stocks in India in 2022

The electric vehicle (EV) sector is one of the most popular industries on the stock market right now. Because this industry is new, there have been many assumptions about which company will dominate. Since they have the greatest technology and are constantly expanding production, Tesla is undoubtedly the leader in the EV industry.

Meanwhile, traditional automakers like Ford and General Motors are also attempting to take some of Tesla’s market share by making inroads in this area. Tesla is now one of the largest corporations in the world, valued higher than Ford and General Motors put together, thanks to the skyrocketing price of its stock.

In this decade, the Indian electric vehicle market is predicted to expand at a Compounded Annual Growth Rate (CAGR) of 90%, reaching US$150 billion by 2030, according to a report by the consulting firm RBSA Advisors. Despite a lopsided economy, investors are hunting for the best EV stocks in India

EV stormed the Indian market—

  • Here are some market scenarios for your search for the Best EV stocks in India in 2022—
  • In just two days in September 2021, Ola sold e-scooters in India for 1,100 crores amid a pandemic hit economy.
  • It equates to selling about 85,000 e-scooters at the cost of about Rs. 1.3 lakh per scooter.
  • Additionally, 4,29,217 EV units were sold in FY22, up from 1,34,821 the year before.
  • EV two-wheeler sales increased 463.61% year over year to 2,31,338 in FY22 from 41,046 in FY21.
  • According to a study analysis, India’s market for electric vehicles was estimated to be worth $1.43 trillion in 2021 and is projected to grow to around $15.40 trillion by 2027.

Read Also | Best Dividend Stocks to Buy and Hold Forever in India 2022.

Best EV stocks in India

Though India has not confirmed EV giant Tesla’s footprints in the nation, domestic players are in action with unprecedented growth despite a new market, ensuring a positive impact on the stock market.

Best EV Stocks in India in 2022
EV Stocks India

Tata Motors

Tata entered the EV market in 2017 when it was awarded the government’s contract to buy 10,000 EVs.They thoroughly understood the real-world circumstances for electric vehicles as their EVs started to travel on public roads.

They were able to learn skills to be prepared for what came next a result of this. Tata Motors’ design is currently centred on the JLR design house. In terms of design, quality, and technology, their new cars are far superior to the previous generation. Although Nexon EV was the company’s second EV to be released, Tigor EV was the first to do so. It was an electric vehicle version of the popular Nexon.

With the success of the Nexon EV, Tata Motors gained more than 60% of the Indian EV market. They sold about 1325 EVs in FY20, but with more than 4400 EVs sold in FY22, things look quite promising. For robust performance, Tata is on our top list of Best EV stocks in India.

Olectra Greentech

Due to its prime role in developing electric public buses, Olectra Greentech is difficult to overlook. As of right now, this company is India’s top manufacturer of electric buses.

In the quarter that ended in March 2022, Olectra Greentech’s net profit rocketed by 94.11% to Rs 17.47 crore from Rs 9 crore in the quarter that ended in March 2021. Sales in the March 2022 quarter increased by 85.22% to Rs 268.10 crore from Rs 144.75 crore in the March 2021 quarter. Share price zoomed up to Rs 573 from nearly Rs 100 in December 2021. It is also under the radar of the Best EV stocks in India.

Mahindra Electric

In India, Mahindra is credited with being the first entry into the EV world, introduced Reva as its first EV. Mahindra established a specialized R&D facility in Bengaluru over the years.

Mahindra Electric, a subsidiary of the Mahindra Group, announced on April 2022 that sales of its electric three-wheelers increased by more than three times, to 16,862 units, in 2021–2022 FY, 5,376 units were sold by the business during the prior fiscal year (2020-21). Thus, Mahindra is getting acceleration to secure a position in the Best EV stocks in India.

Ashok Leyland

In order to meet the country’s e-mobility demands, Ashok Leyland creates electric variations, especially for Indian circumstances and has also offered battery switching in electric buses. The Circuit, HYBUS, Electric Euro 6 Truck, and iBUS are just a few of the electric bus models it has introduced. But just now, the corporation is concentrating on boosting exports.

The electric vehicle (EV) division of Ashok Leyland, Switch Mobility Ltd, intends to raise $200–300 million in the upcoming months at a valuation that is “substantially above” the $1.6 billion at which it received a minor investment from Dana Corp. in July 2021. In order to keep its dominant ownership, Leyland will not dilute its holding below 51%, thencompany assures shareholders.

Hyundai

Hyundai has entered the EV market of country with the introduction of the Hyundai Kona EV in India. According to the South Korean automotive industry behemoth, Kona was specially created to accommodate the operational conditions in India.

Hyundai sold 11,447 battery-electric vehicles this March, an increase of 105% from the same month last year. In March of this year, Hyundai sold 313,926 automobiles worldwide, a 17 percent decrease from the same month last year.

Best EV stocks of India in the ancillary industry segment

  • Other related industries will start to take off as the EV industry grows which includes like batteries and EV chargers with this. Numerous businesses are gearing up for the race, including Tata Power, Exide Industries, Power Grid Corporation, Tata ELXSI, and others.
  • Tata Power has already shown itself to be a reliable source of electricity for customers. The company is installing charging stations in numerous areas, including parking lots, shopping centres, and authorised vehicle repair shops. Exide is not a significant participant in the battery sector. It has been producing lead-based batteries for conventional automobiles up until this point. However, Exide is now fully capable of producing lithium-ion batteries, a vital part of an electric car.
Best EV Stocks in India in 2022
EV Stocks India
  • Tata ELXSI is a company that develops IT software that specialises in creating software for the electric vehicles that Tata Motors produces. Additionally, the company created stock software that can be used by any EV. Focusing on innovative businesses gives L&T Technology an advantage over competitors. It has made investments in digital goods, Medtech, 5G, autonomous and connected cars, and artificial intelligence. This IT sector easily marches towards the best EV stocks in India for 2022.
  • Hindustan Copper is placing a significant wager on EVs to fuel demand growth. Copper will be used in the production of EVs four times more than it would be for conventional internal combustion engines. For businesses like Hindustan Copper, Gujarat Fluorochemicals, NALCO, and Hindalco, this is encouraging. They also join the club of best EV stocks in India for 2022.

Final note

The best EV stocks in India depend on the country’s budding market of electronic vehicles. Major players ensured early-bird advantages as per their sales data. Electric bus manufacturers appear to be in for a jackpot as the buzz surrounding electric mobility in India gets louder by the day, and the low-hanging fruits of the industry, two- and three-wheelers, see increased demand from both corporates and individuals. And it might be the much-anticipated sales boom.

If we take an example of a single state of India, we’ve got a clear picture. Last year Tamil Nadu announced that the state is set to buy 12,000 new buses, of which 2,000 were electric, under the  Tamil Nadu state budget. With financial support from KfW, about 2,200 BS-VI buses and 500 electric buses would be purchased for Rs 1,580 crore. Many state govts and people are shifting to EV cars or buses amid mounting fuel prices.

However, some recent cases of OLA, Okinawa, Pure EV two-wheeler’s surrender to fire events spark debate online about its safety in Indian streets or weather, though all of the makers push for major enquiry, recalls 7000 vehicles and changing portfolios to gain the brand image.

Read Also| Best Mutual Funds to Invest in 2022 for Long Term.

FAQs

What are the best EV stocks to buy in India?

The entire article will give you an idea about the best EV stocks in India.

Which EV stock will grow the most in India?

Mahindra, Tata, and Hyundai are expected to scale up.

Which stock is best for an electric vehicle?

You can think of Tesla for the international market.

Which is the best-selling EV model in India?

Tata motor is followed by MG and Hyundai this April 2022. Tata motors secured 320% growth from April 2021.

Is Tata Nexon EV successful?

The Nexon EV, which was introduced in 2020 and has since been an unstoppable success with sales of about 20,000 units, is undoubtedly responsible for much of that.

What is the future of electric cars in India?

According to the NITI Aayog, 70% of cars, 40% of buses, and 80% of two- and three-wheelers will all be electric by 2030.
GoI confirmed the number of two-wheeler EVs increased by 422%, three-wheelers by 75%, and four-wheelers by 230% during 2019-2020 and 2020-2021. Additionally, there was a 1,200% increase in the number of electric buses.

Disclaimer
All the information are used for education purpose only. Investing in stocks poses a risk of financial losses. Investors must therefore exercise due caution. InvestoAxis is not liable or responsible for any losses caused as a result of decisions based on the article.

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