An Overview on EV Sector Stocks

In the domain of EV shares in India, numerous key players have emerged that provide diverse options for investment. Here is a list of the top EV stocks in 2024

Maruti Suzuki India Ltd

Headquartered in New Delhi, Maruti Suzuki India Limited (MSIL) is a subsidiary of Suzuki Motor Corporation. It holds the title of India’s largest passenger car manufacturer. The company primarily focuses on manufacturing and selling passenger vehicles within India. Maruti Suzuki has now expanded its portfolio to include 16 car models with over 150 variants.

Tata Motors

Tata Motors is a worldwide automobile manufacturer and distributor headquartered in Mumbai, Maharashtra, India. It offers a diverse range of commercial, passenger, electric vehicles, defence vehicles, trucks and buses.

Tata Motors’ EV has made a significant impact in the electric vehicle (EV) sector. The company is committed to offering sustainable transportation solutions in India's growing EV market.

KPIT Technologies Ltd

KPIT Technologies, specialising in IT solutions for the automotive sector, introduced a groundbreaking sodium-ion battery technology on 12th December 2023. Developed over eight years, this innovation, a first in India and fourth globally, promises a more accessible and cost-effective energy storage solution. Distinct from typical software engineering projects, this initiative involved electrochemists to perfect the technology, offering rapid vehicle charging and reducing battery costs by up to 30%.

Currently, in the external testing phase, KPIT aims to commercialise the technology within a year, targeting both automotive clients and other sectors interested in energy storage. Plans include expanding into European and East Asian markets and exploring strategic partnerships and acquisitions to enhance its technology offerings and market presence.

Exide Industries Ltd

This company is well-known for manufacturing batteries used in regular vehicles. Now, they have stepped into the manufacturing of EV-specific batteries. The company is strategically positioned to meet the rising demand in the EV sector by investing ₹60 billion in a phased manner to establish a 12 GWh Li-Ion cell plant. Recently, the EV share hit a new high following a Rs. 400 mn investment in its fully-owned subsidiary, Exide Energy Solution Ltd.

JBM Auto Ltd

JBM is one of the biggest electric bus manufacturers. The company is actively involved in manufacturing electric buses and related components, contributing to the eco-friendly public transportation ecosystem in India. JBM Auto also act as a charge point operator, establishing EV charging sites for cab aggregators across the major cities in India.

Himadri Speciality Chemical Ltd

Specialising in chemical manufacturing, Himadri produces materials used in lithium-ion batteries. Their contributions are crucial for the development of long-lasting and efficient EV batteries. In December 2023, the company announced that it would invest Rs. 4,800 cr. to foray into the manufacturing of Lithium-ion battery components. According to the announcement, the investment will last 5-6 yrs.

Olectra Greentech Ltd

Megha Engineering and Infrastructures Ltd is a subsidiary. These types of EV shares of a company play a pivotal role in electric bus manufacturing. One of their bus models, the K9, has a special braking system that saves 30% of energy and charges faster. Therefore, they are also the only company making Tarmac electric buses for Indian airports.

HBL Power Systems Ltd

HBL Power Systems Ltd. is a leading provider of advanced battery and power electronics solutions. It caters to diverse industries globally. With a strong focus on research and development, this EV stock offers a comprehensive range of products and services. Therefore, this includes batteries for various applications such as automotive, industrial, defence, and telecom sectors.

Pricol Ltd

Pricol Limited is engaged in the business of manufacturing and selling of instrument clusters and other allied automobile components to OEMs and replacement markets. The business was started in 1974 and is headquartered in Coimbatore, Tamil Nadu.