Best EV Stocks in India 2022

Why EV stocks to be considered in 2022

The electric vehicle industry in India is a growing industry. One of the major reasons why countries are forced into adopting an electric alternative is climate change. The central and state governments have launched schemes and incentives to promote electric mobility in the country and some regulations and standards are also in place. The country stands to benefit in a large way by switching its transport from IC engines to electric motor-powered.

There are challenges like lack of charging infrastructure, high initial cost and lack of electricity produced from renewable energy. Still, e-commerce companies, car manufacturers, app-based transportation network companies and mobility solution providers have entered the sector and are slowly building up electric car capacity and visibility. The public transport system being one of the most heavily used in a country like India will definitely offer a huge boost to the sector. 

The COVID-19 epidemic affected the auto sector, and demand for electric automobiles, two-wheelers, and three-wheelers suffered as a result of the disruption. According to the Society of Electric Vehicle Manufacturers (SMEV), total electric vehicle registrations fell 20% in FY21 to 236,802 units, down from 295,683 in FY20.

However as the sales of EVs are picking up, the market is expected to register positive growth during the forecast period(2021-2026). The India electric vehicle market was valued at USD 5.47 Billion in 2020, and it is expected to reach USD 17.01 Billion by 2026, growing at a CAGR of 23.47% over the forecast period.


  1. Mahindra Electric Mobility Limited

Mahindra Electric Mobility Limited formerly known as the Reva Electric Car Company, is an Indian company based in Bangalore, involved in designing and manufacturing of compact electric vehicles. Being the first major EV manufacturer it launched Mahindra Reva, its first EV as early as 2001. The Mahindra Reva was India’s first electric car. Over the years Mahindra has gone ahead to set up a dedicated R&D center in Bengaluru.

Mahindra also have launched 2 more EV variants Mahindra E20 and eVerito. Mahindra also focussed on battery packs and has partnered with various institutions in order to boost EV charging.

2. Tata Motors

Tata Motors Limited formerly known as Tata Engineering and Locomotive Company (TELCO), is India’s largest EV manufacturer. It have 75% of India’s EV market share. Tata Motors will be investing $2 Billion in the EV space in the next 5 years. It has already launched EV cars The Nexon EV, Tigor EV, Nano EV, and the Tiago electric variant. In the Electric bus segment, Tata expects its demand from State transport Unions. The expected demand is estimated to be around 400,000 buses in the long run.

3. TVS Motors

TVS Motor Company (TVS) is the third largest motorcycle company in India with a revenue of over ₹20,000 crore (US$2.7 billion) in 2018–19. The company has already become a part of the EV segment by launching an electric scooter, TVS iQube. TVS is set to invest Rs 1,200 crores in future technologies and EV in the next four years.

4. Indian Oil Corporation Ltd

Indian Oil Corporation Limited (IOCL), is an Indian government corporation. It is the largest oil marketer in India. Indian Oil Corporation (IOC) buys a stake in Phinergy (Israel) for manufacturing, development, and sale of aluminum-air batteries (Al-Air batteries) for electric vehicles. This joint venture is ready to facilitate the development of Al-Air technology by intending to set up a factory in India.

IOCL has also set up 257 EV charging stations and 29 battery swapping stations in India. Low cost batteries are crucial for the mass production of EVs. It also have announced plans to set up 10,000 EV charging stations at their fuel stations across India.

5. Hindalco Industries Ltd

Hindalco Industries Limited an Indian aluminium and copper manufacturing company, is a subsidiary of the Aditya Birla Group. Hindalco Industries Ltd is leading in the Indian aluminium and copper sector. Aluminium is an alternative to steel and will play a crucial role in producing low-cost EVs. As the demand for EVs picks up, Hindalco Industries Ltd will become a key player in the EV sector.

6. Tata Power

Tata Power, part of the Tata Group is the largest power generation company in India aimed at providing uninterrupted power supply from its various plants located across India.

Tata Power is one the leading players in developing EV Charging Ecosystem in India. The company has already installed over 1,000 EV charging stations in the country. Tata Power is also offering EV CMS Software, Solutions for Cars and Buses.

7. Bharat Petroleum Corporation Limited (BPCL)

Bharat Petroleum Corporation Limited (BPCL) is second-largest downstream government owned oil and gas corporation. Bharat Petroleum Corporation Ltd (BPCL) have announced plans to set up 7,000 EV charging stations at their fuel stations across India.

8. Hero MotoCorp Ltd

Hero MotoCorp is the world’s largest manufacturer of motorcycles and scooters. It has finally decided to enter the EV sector and is set to launch its first electric scooter in 2022. Hero MotoCorp have announced a new investment of up to ₹420 crore in Ather Energy. It will use the Ather energy fast charging technology for its electric scooters, which is a mark above its EV competitors.

9. L&T Technology Services (LTTS)

L&T Technology Services (LTTS) is an engineering services company. LTTS provides end-to-end services from design and development to system integration and testing across Battery Management System, Power Convertor, Electric Motor control and Charging infrastructure. Our In-house Electric vehicle prototype is a testimony to our extensive association with development and testing of Electric drives, Embedded systems and our deep association with Automotive industry.

10. Bajaj Auto Ltd

Bajaj Auto Limited is an Indian multinational two-wheeler and three-wheeler manufacturing company, sets up Rs 300 crore EV manufacturing facility in Pune. Bajaj Auto Ltd has entered the EV sector with its electric scooter Chetak. The company also has plans to set up a wholly owned subsidiary to produce entry level electric bikes to high performance motorcycles.