Home/Blogs/What Are The Best EV Stocks To Invest In India In 2023

What Are The Best EV Stocks To Invest In India In 2023

Today, some of the great companies that drive innovation come from the EV industry. These are companies in the electric vehicle industry, and they are touted to be the next big thing. Involved in research and technology with a view to changing lifestyles of how we live and drive, the EV industry is all set to go places in 2023. Already drawing the attention of investors are the best EV stocks in India, as more and more consumers are considering a serious investment in EV stock. 

Why Should You Invest in Electric Vehicle Stocks?

EVs have technology that will alter Indian mindsets and transform the way Indians live. Electric vehicles will gradually replace diesel and petrol driven vehicles (hopefully entirely) in the years to come. Right now, many large vehicle manufacturers are focusing on the development of EV vehicles in the form of two and three wheelers, buses and cars. However, it should be noted that non- EV  vehicles pose the most threats to a sustainable environment as they emit the most pollution. So, maybe it is time to open a demat account and invest in the best EV stocks in India. 

The EV industry, with a focus on domestic vehicles, has potential for huge growth in India. There is also a massive opportunity for expanding the market share of big players who are able to invest in the launching of affordable EVs. Additionally, with the unconditional support of the government, in terms of creating infrastructure for EVs and large order placement for EV buses and the like, investing in the best EV stocks in India could be your ticket to fortune.

EV Sector Segments

The National Electric Mobility Mission Plan of 2020, established by the Union Government, includes incentives on the demand side and plans to build infrastructure for EVs and the promotion of the production of hybrid/EV vehicles within the FAME scheme of India. Given all this positive information, investing is worthwhile. The best EV stocks in India could be invested in as direct equity from the stock market, or you could invest in any upcoming IPO in the EV segment. Regarding the sector of electric vehicles, you can find the following categories of companies to invest in: 

  • Vehicle manufacturers
  • Manufacturers of batteries
  • Creators of charging stations/networks
  • EV software and automobile parts

As EV stocks will tend to travel in positive directions in the future, any segment related to EVs will do considerably well.

Which Are the Best EV Stocks in India in 2023?

 Here are five of the most sought-after EV stocks you can think of allocating your capital to:

1. Tata Motors Ltd.

By far, Tata Motors is India’s biggest vehicle manufacturer, having a robust market share spread over many vehicle categories from defence to cars. As of October 2022, the stock price of this company had risen by 6.8%. Additionally, it is also the first vehicle manufacturer to produce EVs on a gross scale in India, with its Tigor, Nexon and others. The company has also built EV buses. A player to contend with in the international markets, the company is on a growth path with sister companies Tata Steel, Tata Chemicals and Tata ELXSI providing other significant EV components. 

2. Mahindra & Mahindra Ltd.

Mahindra & Mahindra is a reliable auto manufacturer with a reputation built on trust and service. In 2022, the company saw a growth of 32%. With the launch of quite a few EVs, eVerito, Treo and the like, it has also developed the ability to produce EV battery packages. Partnering with other players to enhance its EV charging presence, the company is on the EV prosperity ladder, going upwards. M & M had created the first EV (car) in India and this was a while back, the Reva. 

3. Olectra Greentech Ltd. 

The best EV stocks to buy today need not be from big names. Olectra Greentech is a subsidiary company under the larger Megha Engineering and Infrastructures Ltd. In 2022, Olectra Greentech saw a rise of 20.75% in its yearly growth. With a solid manufacturing base, the company makes efficient electric buses with braking regeneration, saving 30% of braking energy. Charging systems work faster too. In addition, the company stands out as the nation’s sole manufacturer of electric tarmac buses used extensively at airports. 

4. Hero Motocorp Ltd. 

In the wake of launching a new electric scooter, there is a positive outlook for this company. Known as a brand for the best two wheelers, its share price dropped last year, but analysts are optimistic for 2023. 

5. Ashok Leyland Ltd.

A household name in the truck manufacturing business, this company belonging to the Hinduja group is the fourth largest bus and truck creator globally. Some of its large EVs include the Circuit, the Euro 6 Truck and the HYBUS. The company has great prospects for exports of its large EVs and hence, overall great potential. 

All Things “EV”

You can open a Demat account and get your EV stock investment going. Vehicles may not be the only thing to consider and you can also look at companies like the Tata Power Company Ltd., the Power Grid Corporation of India and Exide Batteries if you wish to invest. An upcoming IPO may also be a good bet in this segment. Perhaps, since Indians are permitted foreign stock investment, and the EV segment is growing fast in the US, investing could be worthwhile. 


Popular Stocks: ONGC Share Price | SBI Life Share Price | UPL Share Price | TCS Share Price | Titan Share Price

You may also like…

Be the first to read our new blogs

Intelligent investment insights delivered to your inbox, for Free, daily!

Partner with us
Become a Partner