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EV Stocks in India

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.

Tata Motors

Tata Motors leads India's EV market with a 70% share, selling 69,153 units in 2023 (up 59% from 2022). EVs were 12.55% of their 5,50,883 total passenger vehicle sales, which grew 8% from 2022.

Mahindra 

Mahindra & Mahindra saw 2,500% growth in EV sales with the XUV400. Their last-mile mobility unit sold 35,013 units with a 9% market share in FY2023.

Maruti Suzuki 

Suzuki is investing heavily in India's EV sector, putting Rs 3,200 crore into a 2.5 lakh-unit capacity at its Gujarat plant and Rs 35,000 crore to expand Maruti Suzuki's capacity by 1 million units. They aim to launch affordable, accessible electric cars for all.

Olectra Greentech

Olectra delivered 178 electric vehicles last fiscal year, up 25% from the previous year. They reported 33% revenue growth in Q3 FY 23-24, driven by increased deliveries. They also secured a contract to supply 2,400 electric buses to BEST within two years.

Ashok Leyland

Switch Mobility secured MoUs for 12,000 to 13,000 e-LCVs and is testing e-trucks. Ashok Leyland pledged Rs 1200 crore for Switch Mobility's expansion and development, with an additional ₹537 crore invested recently in their EV division.

JBM Auto

JBM Ecolife Mobility secured a ₹7,500 crore contract for 1,390 electric buses. Jindal Stainless Ltd is partnering with JBM Auto to manufacture over 500 stainless steel electric buses, with stainless steel supply from Jindal Stainless Steelway Ltd.