Introduction
With the rapidly advancing technology and its contribution to the automobile industry, autonomous vehicles are considered the industry's future. This is because of the rise in demand and continuous growth experienced by the industry in autonomous vehicle manufacturing.
Therefore, investor opportunities open up as the demand for autonomous vehicles rises. The autonomous vehicle industry is expected to surpass 54 million vehicles in 2024. Thus, the industry shows great potential and chances of growth in the future.
As an investor, this can be the perfect time for you to invest in the best autonomous stocks in India in 2024.
Best Autonomous Vehicle Stocks in India
Here is a list of India's best autonomous vehicle stocks that you can consider investing your money into to expect higher returns as the industry expands and records a massive run-up:
Tata Elxsi can be a great player in cars and other industrial products when considering the autonomous vehicle industry. As the demand for autonomous vehicles increases, the stock is expected to show a massive run-up in the coming years.
The stock trading at Rs 7,316.80 has already shown a massive return of 105% in the past three years. The market cap for the company is Rs 45,927 crore, with a debt-to-equity of 0.09.
Undoubtedly, there can be mixed sentiments regarding the stock, but it will likely show great returns in the long run as the autonomous vehicle industry expands.
Another leading player in the Indian automobile industry, Eicher Motors Ltd., can be a significant consideration when looking for the best autonomous vehicle stocks. Eicher Motors also has a joint venture with AB Volvo to create commercial vehicles such as buses, trucks, and other similar ones.
In the Indian stock market, the company's stock is currently trading at Rs 4,793 and has shown more than 29% returns in the last year. The company has a massive market cap of Rs 1,33,598 crore and yielded heavy profit returns of Rs 2,914 crore in 2023.
Therefore, it is a potential choice to consider when looking for the best autonomous vehicle stocks to invest in.
Bajaj Auto Limited is an excellent name in India's automobile industry. With significant market coverage, the company will undoubtedly step into the autonomous vehicle market. Hence, it can be another excellent choice for investors to consider putting their money in the company.
However, the company's high stock price is a significant hindrance for early investors. The stock of Bajaj Auto Ltd. currently stands at Rs 8,998 on the stock exchange. With a massive return percentage of 93% in the past year, the stock has been a multi-bagger for its investors.
Bajaj Auto Ltd. has a huge market cap of Rs 2,49,911 crore with a debt-to-equity of 0.07. The company has, however, recorded a mild decline in profits in the past year. However, it is still in a great position to yield high returns with the introduction of autonomous vehicles.​​​​​​​
The last on the list of the best autonomous vehicle stocks in India is TVS Motor Company. The company is known for its unique products and innovative approach in the industry. Therefore, it is undoubtedly expected to be a market leader in the future.
TVS Motor Company is currently listed at Rs 2,249 on the stock exchange. The company's stock is doing reasonably well, with a 73% return in the past year. Additionally, the company has almost doubled its revenue in 2023, which indicates its high-growth prospects for the years to come.
Factors to Consider While Choosing an Autonomous Vehicle Stock
Here are a few factors to take into consideration when looking for a good autonomous vehicle stock.
Conclusion
The autonomous vehicle industry has yet to witness a boom in India. As a wise investor, you must take advantage of opportunities to invest in the best autonomous vehicle stocks in 2024.
As the industry records rapid growth in the years to come, such wise investments can prove to be a multi-bagger for your investment portfolio. Making the right investment decisions now can result in high future profit returns.​​​​​​​
Therefore, considering the above-mentioned factors, 2024 can be the best time to invest in the autonomous vehicle industry in India.
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