3/5 - (2 votes)

Positioned as the world’s third-largest auto market, India is transitioning swiftly towards embracing electric mobility solutions. With growing concerns over environmental sustainability and the pressing need to curb emissions, the demand for EVs has surged dramatically. This shift is further fueled by robust government initiatives to incentivize EV adoption and foster a conducive ecosystem for electric vehicles. As a result, investors are increasingly drawn to the prospects offered by top four-wheeler EV stocks in India, recognizing them as lucrative investment avenues poised to capitalize on the burgeoning electric vehicle market.

So, in this article, we will cover India’s top four-wheeler electric Vehicle (EV) Stocks.  

Table of Contents

1] Tata Motors

Tata Motors, established in 1945, initially focused on locomotive manufacturing. Expanding its horizons, the Tata Group ventured into commercial vehicles in 1954 through a partnership with Daimler-Benz of Germany. , Tata Motors made its foray into the passenger vehicle market in 1991 with the launch of the Tata Sierra, diversifying its product portfolio beyond commercial vehicles. Further aiming to grow its business, Tata Motors introduced a range of high-quality vehicles, establishing itself as a prominent player in the automotive industry. Stepping into the realm of electric vehicles, Tata Motors made a significant mark with the launch of the Tata Nexon EV in 2020

Its current portfolio of electric cars includes, in the SUV segment, the Tata Nexon EV and the recently launched Tata Punch EV. Tata Punch EV is built on a new advanced platform called Acti.ev. Its electric car portfolio includes the Tata Tiago EV and Tata Tigor EV. The company also has two electric buses: Starbus AC Electric Bus and Tata Ultra Electric Bus. 

Tata Motors dominates India’s EV segment with a 70% market share.  In the previous calendar year, Tata Motors witnessed remarkable growth in EV sales, reaching 69,153 units in CY 2023, marking a substantial 59% year-on-year increase from 43,451 units sold in CY 2022. These EV sales accounted for 12.55% of the company’s total passenger vehicle sales, which amounted to 5,50,883 units in CY 2023, reflecting an 8% growth compared to CY 2022.


The Tata Group plans to list its electric vehicle (EV) unit, Tata Passenger Electric Mobility Ltd (TPEM), to capitalize on its investments in the EV sector, as per BusinessLine. The group is eyeing an initial public offering (IPO) worth $1-2 billion for the EV unit, with a potential listing within the next 12–18 months, possibly in FY25 or at the latest by FY26. The decision will be contingent upon the strength of the EV market and overall market sentiment. The company has also opened its first exclusive EV  showroom in Gurugram. 

Tata Harrier EV, Tata Sierra EV, Avinya, Tiago. EV and Tata Curvv EV are the upcoming cars in the company’s electric cars list, which will soon be out in the Indian Market. It is said that all the upcoming cars will utilize the latest Acti,ev platform for enhanced performance capabilities. 

2] Mahindra and Mahindra

Founded in 1945 as a steel trading company in Ludhiana, Mahindra & Mahindra expanded into manufacturing MUVs under the Willys Jeep license in India. Mahindra Last Mile Mobility Limited, previously Mahindra Electric Mobility and Reva Electric Car Company, is based in Bangalore and designs compact electric vehicles. The company’s inaugural product was the REVAi electric car, which was available in 26 countries and had sold over 4,000 units globally by mid-March 2011. In May 2010, the Indian conglomerate Mahindra & Mahindra acquired Reva. 

The company launched its first C-segment Electric SUV, the fun and fast XUV400 last year. Its portfolio of electric three-wheelers in the 3W passenger segment includes Treo Plus, Treo, Treo Yarri, and e-Alfa Super. 3W Cargo vehicles are named e-Alfa Cargo, Treo Zor, and Zor Grand.


Mahindra & Mahindra recorded a remarkable 2,500% growth in EV sales last year with just one model, the all-electric SUV XUV400. In the three-wheeler segment, Mahindra’s last-mile mobility sold 35, 013 units with a 9% market share in FY2023. 

Last year, the company announced an investment of Rs. 10,000 crore approved by the Maharashtra government’s industrial promotion scheme for electric vehicles. Mahindra, through its subsidiary, plans to invest this amount over 7-8 years for setting up a manufacturing facility and developing their upcoming Born Electric Vehicles (BEVs). The company is on track to launch approximately seven new electric vehicles in 2025 The vehicles will be based on the INGLO modular platform, and they are named as follows,

  • BE.05
  • BE.07
  • BE.09
  • XUV.e8
  • XUV.e9
  • THAR.e

3] Maruti Suzuki India

Maruti Suzuki India Limited (MSIL), a Suzuki Motor Corporation, Japan subsidiary, stands as India’s largest passenger car manufacturer. Recognized for pioneering the automobile revolution in India, the company specializes in manufacturing and selling passenger vehicles. From its humble beginnings with the iconic Maruti 800, Maruti Suzuki now boasts a diverse portfolio of 16 car models encompassing over 150 variants. 

Maruti is gearing up to launch its debut electric vehicle, the eVX, in India, possibly by this year. Company officials have confirmed the eVX’s debut in the 2024-25 financial year. This high-spec SUV is anticipated to boast a 550km range and a robust 60kWh battery. Manufacture of the eVX, along with its Toyota counterpart, will take place at Suzuki Motor’s Gujarat facility in Hansalpur. While the price remains unconfirmed, there’s buzz that the eVX could be priced above Rs 10 lakh. Maruti plans to unveil the vehicle through its upscale NEXA channel.


Suzuki is making significant investments in India’s electric vehicle sector, with plans to invest Rs 3,200 crore to establish a 2.5 lakh-unit electric vehicle production capacity at the Suzuki Motor Gujarat plant. Additionally, the company is injecting Rs 35,000 crore to boost Maruti Suzuki’s annual capacity by 1 million units through the establishment of a new manufacturing facility. The company plans to bring a maximum number of electric cars in the coming years, which will cater to everyone and be affordable and accessible to all. 

4] Olectra Greentech

Olectra Greentech Limited (Olectra) is one of the leading electric bus manufacturers based in Hyderabad, India. As India’s first electric bus manufacturer, Olectra has produced and deployed various electric bus variants across the country. Beyond buses, the company diversifies its product range to include electric trucks and tippers. Listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), Olectra has an ISO certification and its R&D center is recognized by the Department of Scientific and Industrial Research, Government of India.

Its current portfolio of electric buses includes the V2 E-bus, iX Electric Bus, X2 E- Bus, CX2 Electric Coach Bus, and Meghaetron Electric Tipper.  Olectra’s electric vehicle deliveries rose to 178 in the recent fiscal year, marking a 25% increase from the 142 vehicles delivered in 2022-23. The company also reported a revenue of Rs 342.14 crore for Q3 FY 23-24, showing a 33% growth, largely attributed to the increased deliveries. Last month the company received a huge contract from Brihan Mumbai Electric Supply & Transport Undertaking (BEST) for the supply of 2,400 electric buses within two years.


Over the past three years, OLECTRA has invested approximately Rs 6 billion in capital expenditure to enhance its manufacturing capabilities. The company aims to boost its electric vehicle (EV) production capacity from the current 1,500 to 5,000 units annually. Additionally, they plan to expand their product range to encompass hydrogen-fueled electric buses and three-wheeler electric vehicles. 

5] Ashok Leyland

Ashok Leyland is an Indian multinational automotive manufacturer headquartered in Chennai. Originally established in 1948 as Ashok Motors, the company underwent a significant transformation in 1955 through a collaboration with British Leyland, leading to its renaming as Ashok Leyland. Today, it is owned by the Hinduja Group, a conglomerate with diverse business interests across the globe.


The Company currently operates its EV business through its Indian Subsidiary- Switch Mobility. Switch Mobility has two subsidiary companies: Switch Mobility Automotive Ltd, which merges Ashok Leyland’s Indian EV operations with the UK-based bus manufacturing expertise, and OHM Global Mobility Private Ltd, offering Mobility as a Service (eMaaS) solutions in India. Here are the current products of Switch Mobility:

  • Solo SR; Solo SR EV 
  • Metrocity; Metrocity EV 
  • Metrodecker EV 
  • E1 single decker 
  • EiV 12 single decker 
  • EiV 22 double decker 
  • EiV 7 

Electric Trucks

  • leV 3
  • leV 4 

Switch Mobility has secured Memorandums of Understanding (MoUs) for 12,000 to 13,000 e-LCVs and is conducting customer trials for its e-trucks. Meanwhile, its parent company, Ashok Leyland, has committed to investing Rs 1200 crore in Switch Mobility for capacity expansion and product development in the upcoming years. The company recently has also invested a further ₹537 crore in its electric vehicle arm Switch Mobility to expand its EV market.  

6] JBM Auto


Founded in 1983, the company began with cylinder manufacturing. Inspired by Intel’s “Intel inside,” the founder aimed for every Indian vehicle to have a JBM component. Today, JBM produces half a million auto parts daily and is integrated into almost every vehicle in India. From a partnership with India’s top car manufacturer in 1987, the company has grown into a $2.6 billion global player with a presence in over 10 countries, leading in EV solutions for Cleaner, Greener, and Safer mobility. The company’s current portfolio comprises electric buses named e9, e12[ecoLife], and Galaxy Luxury Coach. The company has also developed an advanced E-mobility platform “Well to Wheel”  to create an in-house integrated EV Ecosystem that would enable the rapid deployment of electric vehicles in India. The company has also launched its JBM EV Charging Infrastructure – ECOFUEL, which offers sustainable E-Mobility solutions for the world.  

JBM Ecolife Mobility, a subsidiary of JBM Auto, has won a substantial contract valued at ₹7,500 crore to supply 1,390 electric buses. Jindal Stainless Ltd (JSL) has partnered with JBM Auto Ltd to manufacture more than 500 energy-efficient stainless steel electric buses. Through its domestic service arm, Jindal Stainless Steelway Ltd (JSSL), Jindal Stainless will supply the stainless steel for the buses.

Read More: Top Electric Two-Wheeler Stocks to Watch in India 


Please enter your comment!
Please enter your name here