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The Best EV Stocks to Invest In India 2023

The electric vehicle/EV is considered the next big thing in India. Although EVs make up just a fraction of India’s overall vehicle market, EVs are gaining fame fast. Therefore, any investor would be wise to put their money on some of the best EV stocks in India while the market is nascent. Abroad, EVs are already reaching peak sales, as infrastructure in terms of charging ports is efficient and evolving quickly. 

Why Choose the Best EV Stocks in India?

Times are changing, and EVs may cost less to run in the future compared to regular diesel and petrol vehicles. Also, there is the factor of sustainability, and EV vehicles mitigate emissions significantly. Consequently, there is a growing demand, leading to a surge in sales. In turn, this leads to increased research and development in electronic vehicle technology, resulting in even more proficient EVs being manufactured. Such a cycle of growth will continue till most vehicles get into the EV swing of things. Furthermore, as consumers gain awareness about benefits, they naturally invest more. So, if you want your portfolio diversified, then it’s best to open a Demat account today and invest in some of the best EV stocks. 

The Potential for Robust Growth

Every investor looks for sectors displaying potential positive growth, especially if they are investing in any upcoming IPO or stocks. The more and more consumers become aware of EVs offering a cleaner option of transportation, the more they are willing to invest in the best EVs and the best EV stocks in India. Over the next few decades, with the increasing levels of pollution gravely affecting Indian cities, EV vehicles are likely to be the norm. As a matter of fact, the India Energy Storage Alliance or IESA has reported that EV sales in the country are predicted to reach 63 lakh units (on an annual basis) by the year 2027 (Electric Vehicle Market in India IESA | IBEF). 

The Best EV Stocks in India

The only question is, which EV stock is best? This is not difficult to decide on as there are a few reputable companies you can explore. You should note that EV stocks may not be limited to automobile manufacturers alone but also include companies making EV batteries and other components:

  • Tata Motors - Tata Motors, under the Tata Group, has a reputation that precedes itself. This, on its own, can spur you to invest. Apart from this, Tata Motors dished out its 50,000th EV at the end of 2022. It is the first automobile company in India to achieve this. By March 2026, the company plans to roll out some 100 EV variants. By 2030, the Indian government has aimed for 30% of all vehicles to be EVs. Tata Motors may just be growing to meet this demand. 
  • TVS Motors - Another reliable auto company, TVS, is getting on the EV bandwagon with gusto. Considered among the best EV stocks in India for 2023, TVS manufactures two-wheeler and three-wheeler EVs as well as highly sustainable infrastructure for charging. TVS has been in the EV competition for a decade now. In 2021, the EV component of TVS invested INR 10 billion dedicated to EV production under a segregated vertical. 
  • Amara Raja Batteries - In the industry of EV batteries, this is a company to watch out for. With a view to investing around INR 70 billion in its EV battery manufacturing, the company can only grow. 
  • Mahindra & Mahindra - Already a proficient car and SUV manufacturer, with billions of takers in India, M&M EV stocks may well be worth investing in for the long term. The company has launched many EVs to date, with many customers on the waiting list. 

Stocks to Watch

Any new technology or development should always be earmarked as a good investment. EV stocks will rise in the future, and if you wish to open a Demat account to invest in stocks, this is a sector to include in your portfolio. Look out for any upcoming IPO in the and sector, and you will do well with your investments. 

 

Related Articles: Dividend Stocks Vs Growth Stocks | What are the criteria for identifying a potential growth investment | Invest in Stock Market: Avoiding the Pitfalls of Quick Profit Strategies

 

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