Published on 07th January 2023
The electric vehicle (EV) market is booming in India, with many electric vehicle companies manufacturing a wide variety of EVs. Common EVs include electric buses, electric bikes, electric cars, electric scooters, electric three wheelers, and electric trucks.
Traditional diesel- or petroleum- vehicles are gradually giving way to eco-friendly, powerful electric vehicles with advanced connectivity and safety features. Not surprisingly, electric mobility is redefining the future of transportation and mobility with eco-positive, hyper-scalable and user-centric solutions.
The EV ecosystem in the country is dominated by major 2- and 3-wheeler, passenger vehicle, and commercial EV brands, including Ampere, Ashok Leyland, Ather Energy, Hero Electric, Hero MotoCorp, Hyundai, Mahindra Electric, MG Motor India, Okinawa Autotech, Ola Electric, Tata Motors, and TVS Motor Company.
Who are the leading EV car makers in the E-4W segment? What are the best electric vehicle stocks? How big is the opportunity for the EV market? Read on to learn more.
Here are the top EV car makers in the Indian EV sector (listed by the number of units sold):
Tata Motors is among the best EV companies in India. The company registered impressive growth in EV sales in FY22 (up 353% compared to FY21).
Currently, the company, which enjoys a first-mover advantage, has the widest range of EVs in the country. Tata Tigor EV was the manufacturer’s first EV for personal buyers, which made up 95% of total electric car sales in February 2022.
Tata electric cars use the Ziptron technology to ensure long life of the motor and smooth performance of the battery. The technology also makes it easy to offer EV versions of existing ICE models, including Nexon and Tigor.
TPEM (Tata Passenger Electric Mobility) represents the company’s state-of-the-art EVs:
Tiago.ev: The EV creates a great impression with a refined front grille, eye-catchy DRLs, luxurious interiors and comprehensive safety features. In addition, the Tiago.ev’s auto folding electric ORVM, rear wiper washer with demister, and multiple charging options assure effortless driving with powerful performance.
Tigor.ev: The EV makes a statement with elegantly designed Hyperstyle Wheels, fully automatic temperature control, electric tailgate release, and a host of smart features (such as digital instrument cluster and reverse camera with dynamic guideways).
Nexon EV: The Tata Nexon EV is India’s best-selling electric car and is available in different variants, including Jet Edition, Nexon EV PRIME, Nexon EV MAX, and Dark Edition.
Nexon EV PRIME displays the futuristic tri-arrow design theme and comes with an onboard AC charger and exciting features, such as intuitive cruise control, i-TPMS (Tyre Pressure Monitoring System), multi-mode regen (three pre-set levels of regenerative braking), remote diagnostics, and smartwatch integration.
Source: Tata Motors
According to an EV news source, Tata Motors is considering revival of its compact city car Nano in the EV form as part of an aggressive expansion in the electric mobility space. Tata Nano was launched in 2008 and priced at INR 1 lakh.
However, its production was stopped in 2018 due to rising raw material costs.
Tata Punch EV: The EV is designed on the GEN 2 (Sigma) platform and offers a range of over 300 km.
Tata CURVV SUV Coupe EV concept: The 400 km-range electric model is based on the modified X1 platform and rides on a longer wheelbase with a larger 40 kWh battery pack.
Tata AVINYA EV Concept: The EV is Tata’s first concept model based on the GEN 3 architecture “Born Electric”—a skateboard pure EV platform that allows for the best weight and space efficiency.
Tata Elxsi provides design and technology (technologies include AI, mobility, IoT, and virtual reality) services across industries, such as automotive, digital, healthcare, and transportation.
Tata Elxsi’s eMobility HILS is a lab-based framework for validation of EV systems, such as battery management, DC-DC converters, and inverters.
MG Motor India Private Limited is an automobile manufacturer well known for designing, developing, and marketing cars under the MG (Morris Garages) marque—the famous British automotive company, which is also an EV OEM (original equipment manufacturer).
The MG ZS EV is stated by the company as India’s first pure electric Internet SUV. The 5-seater ZS EV houses a 50.3kWh battery pack linked to an electric motor and offers a range of 461 km.
Source: MG Motor India
The company plans to introduce its MG Air EV that will compete against Tata’s most affordable electric car, Tiago EV.
Mahindra Electric Mobility Limited is Mahindra Group’s EV venture. The company is ranked among the top 10 EV companies in India and its EV portfolio consists of commercial, passenger, and personal vehicles.
Since the launch of the Mahindra Reva in 2001, Mahindra Electric has come a long way in shaping India’s EV market growth and continues to be a prominent player in the automotive sector. It is also focusing on other areas, such as battery manufacturing and EV infrastructure improvements.
Mahinda Electric’s EV portfolio includes the following:
The all-electric eVerito is India’s first electric sedan with the patented REVive feature to negate range anxiety.
Apart from low running costs and spacious interiors, the easy-to-charge EV comes with direct drive transmission and a remote diagnostics system that tracks the vehicle’s health-related and performance parameters to fix issues immediately.
Source: Mahindra Electric Mobility
The compact, 100% electric e2oPlus provides excellent driving convenience, with maximum efficiency and maximum savings.
The high strength steel frame, short turning radius, low maintenance cost, and smartphone app connectivity are some of the features that make the EV safe and suitable for everyday city drive.
Mahindra Electric’s NEMO (Next-Generation Mobility) Life is India’s first electric mobility platform that delivers essential vehicle control to users and provides an enhanced driving experience through deep insights into vehicle performance.
Also known as Hyundai Motor Company and Hyundai Motors, Hyundai is a key player in the electric mobility revolution with an impressive electric portfolio.
From the introduction of the versatile and powerful KONA Electric (India’s first electric SUV) in 2019, the company is expanding its presence by focusing on innovation, intelligent technology, and sustainability.
Apart from electric EVs, it is also the maker of Hyundai NEXO—the first dedicated fuel cell EV, which only emits pure, clean water.
Hyundai Kona Electric is a zero-emission electric SUV that delivers instant acceleration (0-100 kmph in just 9.7 s) and has a range of 452 km (as certified by ARAI (Automotive Research Association of India)) on a single full charge.
The EV is made of ultra-high tensile strength steel and comes with superior safety features. In addition, the company provides 3-year complimentary maintenance and 24x7 emergency roadside assistance.
Source: Hyundai
Hyundai IONIQ 5 is built on a dedicated battery EV platform. The new Electric-Global Modular Platform (E-GMP) enables better handling, faster charging, increased driving range, and more interior space.
Additionally, E-GMP design ensures driving stability at high speeds through optimal weight distribution between front and rear.
The EV portrays an angular aerodynamic look with precisely modeled shapes and surfaces and a strong focus on minimalism.
Other leading EV car makers in the EV four-wheeler space include:
BYD (BYD E6)
BMW (BMW i4)
Audi (Audi e-tron)
Porsche (Porsche Taycan)
Mercedes Benz (Mercedes Benz EQC)
If you are considering buying EV stock, it is recommended to study the EV market carefully before making an investment.
Here is the list of top EV stocks in India (listed alphabetically):
Let us look at some of the well-known electric cars in India:
|
Name |
Price in ₹ (INR) |
|
Audi e-Tron |
Starts at ₹ 1.02 Cr |
|
Audi e-tron Sportback |
Starts at ₹ 1.20 Cr |
|
Audi RS E-Tron GT |
Starts at ₹ 1.91 Cr |
|
BMW i4 |
Starts at ₹ 69.90 Lakh |
|
BMW iX |
Starts at ₹ 1.16 Cr |
|
BYD Atto 3 |
Starts at ₹ 33.99 Lakh |
|
BYD E6 |
Starts at ₹ 29.15 Lakh |
|
Fisker Ocean EV |
₹ 60 Lakh-1 Cr (Estimated price) |
|
Hyundai Ioniq 5 |
₹ 45-55 Lakh (Estimated price) |
|
Hyundai Kona Electric |
Starts at ₹ 23.84 Lakh |
|
Jaguar I-Pace |
Starts at ₹ 1.06 Cr |
|
Kia EV6 |
Starts at ₹ 60.95 Lakh |
|
Mahindra XUV400 |
₹ 14-16 Lakh (Estimated price) |
|
Mercedes-Benz AMG EQS |
Starts at ₹ 2.45 Cr |
|
Mercedes-Benz EQB |
Starts at ₹ 74.50 Lakh |
|
Mercedes-Benz EQC |
Starts at ₹ 99.51 Lakh |
|
Mercedes-Benz EQS |
Starts at ₹ 1.55 Cr |
|
MG ZS EV |
Starts at ₹ 22.98 Lakh |
|
MINI Cooper SE |
Starts at ₹ 50.90 Lakh |
|
Porsche Taycan |
Starts at ₹ 1.53 Cr |
|
Porsche Taycan Cross Turismo |
Starts at ₹ 1.74 Cr |
|
Tata Altroz EV |
₹ 12-15 Lakh (Estimated price) |
|
Tata Nexon EV |
Starts at ₹ 14.99 Lakh |
|
Tata Nexon EV Max |
Starts at ₹ 18.34 Lakh |
|
Tata Nexon EV Prime |
Starts at ₹ 14.99 Lakh |
|
Tata Tiago EV |
Starts at ₹ 8.49 Lakh |
|
Tata Tigor EV |
Starts at ₹ 12.49 Lakh |
|
Tesla Model 3 |
₹ 70-90 Lakh (Estimated price) |
|
Volvo XC40 Recharge |
Starts at ₹ 56.90 Lakh |
*Prices are subject to change
BluSmart Mobility Pvt. Ltd is currently the biggest EV ride-hailing player, which leases, owns, and operates more than 2,500 electric cars. It is also India’s first all-electric shared mobility platform.
Electric One Mobility Private Limited is an EV super store for sales and distribution of electric 2- and 3-wheelers. It is India’s fastest growing multi-branded electric mobility chain that offers top models from trusted brands and has over 100 stores pan India.
Lohia Auto is a big name in e-auto and e-rickshaw manufacturing known for benchmark products in the EV category. It is one of India’s largest electric automobile manufacturers with an impressive range of two wheeler, E-Rickshaw, E-Auto L3, E-Rick/L3-Auto, and E-Auto L5 vehicles.
In a recent announcement, the ride-hailing giant Ola said that it will launch a premium fleet of 10,000 electric car taxis operated by top-rated drivers. Ola Electric (Ola’s sister concern) is also a major player in the electric two-wheeler space.
Olectra Greentech Ltd. is a prominent manufacturer of electric buses and composite polymer insulators. The company offers flagship electric buses with superior structural strength and key features, such as long range on a single charge and regenerative braking.
Originally known as “Optare,” Switch Mobility is the EV-making subsidiary of the commercial vehicle maker Ashok Leyland. Ashok Leyland is a well-known name in the EV space with varied offerings, such as electric buses, trucks, and other commercial vehicles.
Switch EiV 22
Switch EiV 22 is the world’s first semi-low floor, electric double decker with a rear staircase and a wider door on rear overhang. The air conditioned bus has a 231-kWh capacity and a driving range of up to 250 km for intra-city applications.
The Brihanmumbai Electric Supply and Transport (BEST) in Mumbai will induct 200 such buses, which provide a competitive cost per km per passenger and a higher passenger-to-weight ratio.
The growing adoption of EVs (such as double decker electric buses) to ease traffic congestion and reduce environmental pollution is a step toward making the future greener with electric vehicles.
The Indian auto market is bracing up for big launches in 2023, including:
Car enthusiasts have been waiting for the 16th edition of the Auto Expo.
Here are some of the EVs expected to be showcased at the Auto Expo 2023:
Blackridge Research & Consulting’s Global Electric Vehicle Market report provides a comprehensive and clear analysis of the global EV market based on geography and vehicle type.
The forecast period estimates that Asia-Pacific will hold the maximum share of EVs followed by Europe and North America.
The forecast looks promising for the Indian EV market, as the Indian government has set an ambitious target for EV sales penetration by 2030:
Do you need a tailored market research report customized to your needs? Learn more about the custom research services provided by the market research experts.
Source: Society of Manufacturers of Electric Vehicles (SMEV)
Decisive action from key stakeholders, such as—component makers, OEMs, governments (Centre and states), and charging/swapping infrastructure providers—is supporting the rapid evolution of the EV segment in India.
Furthermore, the EV ecosystem is shaping up well due to various growth drivers, such as:
In addition, oil companies are evaluating alternative energy offerings like providing an EV charging station for EV users.
For example, IndianOil (Indian Oil Corporation Limited) plans to install EV charging facilities at 10,000 fuel stations to boost India’s EV manufacturing system and promote greener energy solutions.
Moreover, industry alliances like the India Energy Storage Alliance (IESA) are instrumental in facilitating the adoption of e-mobility technologies.
The EV space is growing in line with the vision of the Indian government’s aim to decarbonize high greenhouse gas-intensive sectors like energy and transport.
As part of the National Electric Mobility Mission Plan (NEMMP) 2020, the Ministry of Heavy Industries developed the FAME India Scheme (Faster Adoption and Manufacturing of Hybrid & Electric Vehicles) to improve electric mobility.
In addition, the possibility of 100% FDI (foreign direct investment) aims at encouraging a globally competitive auto industry in India.
Subsidies and tax benefits also play a key role in reducing the price gap between EVs and traditional ICE vehicles and boosting the growth of the commercial EV market, in particular. In this context, providing subsidies and a variety of EV financing options will be crucial to speed up the adoption of electric mobility.
As India’s EV industry touches new milestones, the country’s best EV car companies, among other EV makers, are leading the way forward for sustainable and successful electric mobility.
Note: Images of vehicles are for illustration and representation purposes only.
