EVs are the future of the automobile industry, as diesel and petrol cars are going to be phased out of the market after 2050. While there is a good amount of time left for EV cars to become the only option in motor vehicles, their potential shouldn’t be underestimated. EV stocks can be one of the best investments and if you’re thinking of investing in them this year, then you’re at the right place!
In this blog, we will take a look at the top 5 EV stocks that you can buy in India.
Let’s go ahead!
What Are EV Stocks?
EV stocks are those stocks that are offered by car manufacturing companies that deal in electric vehicles or any other related EV technology. The stock can also be of those companies that manufacture batteries (mostly lithium ion), which are used in electric vehicles. As the world of EVs is big and there are a lot of other components to manufacture for EVs as well, the list goes on and on.
Why Should You Invest In EV Stocks In India?
These stocks are the real game changers for the future world of electric vehicles, especially cars and bikes. As fossil fuels like petrol and diesel will be exhausted by the end of the 2050s, the future will be ruled by EVs of all shapes and sizes. Major governments around the world, including India, are pushing towards the use of EV cars and bikes, which is much needed to achieve zero carbon emissions.
Plus, there are a lot of schemes and programmes for EV manufacturing companies. These things are attracting a lot of potential investors in EV technologies and related industries. It will create a good environment for the small players in the EV industry as well. Overall, it means that there will be numerous opportunities in the future for stock investing in the automobile sector, especially in EV stocks.
5 Best EV Stocks In India For 2024
1. Tata Motors:
Tata Motors is the big bull in the Indian EV market. Tata Motors boasts the most popular and highest selling EV cars in India, the Nexon EV and Tigor EV. They’re aggressively expanding their electric vehicle portfolio and are actively investing in the improvement of battery technology. Keep an eye on government contracts and new model releases, as TATA is looking for direct competition from Tesla if the latter decides to come to India.
Tata Motors will be the best EV stock to buy in India in 2024.
2. Mahindra & Mahindra:
Mahindra is another major player in the Indian EV industry and offers several electric three-wheeler options and the eVerito car. They’re collaborating with the American car company, Ford, to develop new EVs and have a strong presence in the agricultural EV segment. Watch for updates on their partnerships and future vehicle launches. Mahindra is also a pretty good EV stock to buy in India in 2024.
3. Bajaj Auto:
While it is not a pure EV company, Bajaj Auto is a dominant player in two-wheeler manufacturing and is making significant strides in electric scooters. Their Chetak electric scooters are gaining popularity in the EV bike market. You can monitor their electric two-wheeler sales figures and invest in their EV stock.
4. Hero MotoCorp:
Hero is the world’s largest two-wheeler manufacturer and it is actively developing electric scooters in the Indian EV market. Their recent partnership with Gogoro, a Taiwanese battery swapping leader, is a strategic move. Hero is one of the best EV stocks in India for long-term growth in 2024.
5. Exide Industries:
Exide Industries is a leading battery manufacturer and it is well-positioned to benefit from the EV boom in India. They’re investing in lithium-ion battery production facilities to cater to the growing demand for EV batteries. Track their progress in lithium-ion battery production and market share gains. If you want to invest in a battery-manufacturing EV stock in India in 2024, then Exide is one you should go for.
Which Will Be The Safest EV Stock Investment?
If you invest in TATA’s EV stock, then you will be making a safe bet for the long term. As TATA is one of the largest companies and employers in India, you have a lot less to worry about their future presence in India. Headed by the impressive TATA management team, the company is linked with the Indian government on huge infrastructure projects as well. There is a projection of positive growth for the company beyond 2024.
To Summarise
The EV sector in India is expected to go through a boom in 2024 as more and more favourable policies for the industry continue to appear in the headlines. If you’re thinking of investing in EV stocks in India, then TATA, Mahindra, Bajaj, etc. will be the best choices for you. Plus, there will be a lot of other choices, as the EV industry is not limited to only EV car companies.
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FAQs
What are EV stocks?
EV stocks represent shares of companies involved in the production of electric vehicles or related technologies, such as lithium-ion batteries.
Which will be the safest EV stock investment?
Tata Motors’ EV stock is considered a safe long-term investment due to its established presence, government ties, and projected growth.
What are things to consider when investing in EV stocks?
You can consider some important factors, like the company’s EV product portfolio, partnerships, market share, and government contracts.
