8 Best Electric Vehicle Stocks in India 2024

Is your friend recommending investing in the latest electric vehicle stocks in India? EV stocks are currently on-trend; every investor is talking about it. It is because companies like Mahindra & Mahindra, Reliance Industries, Ashok Leyland, and other top auto sector companies have started investing in the EV segment. So, they can also grab maximum share in the electronic vehicle market and maximize their profits.

In this article, we will discuss some very prominent and best EV stocks in India. So, you can invest in those and get an ideal return at the ideal time. These stocks are very prominent and can offer you the highest level of return in the long term. However, before discussing the top electric vehicle stocks, let’s understand their market first.

Electric Vehicle Market Overview

India’s auto sector is well-versed and contributes 7.5% of the Indian GDP. This industry has given employment opportunities to over 8 million manufacturing and service professionals. Also, India is the largest tractor manufacturer, second-largest bus manufacturer, and manufacturer of 2-wheeler and 3-wheeler vehicles. Hence, the massive growth in the R&D budget for the EV sector will surely boom this industry.

Future of Electric Vehicle Market

Based on the Automotive Mission Plan 2016-2026, the Indian government and Auto sector bodies aim to increase the size of the Indian automotive sector. So, it can become competitive and offer great vehicles to make a global footprint. This vision has contributed approx 12% of GDP and will include over 40% of sectors by 2026. Based on the research, there are 65 million jobs expected in the EV and automotive sectors in the next few years.

Why Invest in Electric Vehicle Stocks in India

EVs are the prime attention of the current world; recently, TATA Motors launched its electric cars. And it also generates lots of hype and sales by attracting Indians. Many brands manufacture and invest billions of money in developing top-class electric vehicles for the Indian and global markets. Many startups and leading enterprises have already witnessed the growth and opportunities and have started working on the same.

Hence, there is no doubt that electric vehicles will be in demand in the future, and EV manufacturing companies will make lots of money. If you also want to secure your future and maximize your profits from investments. You can consider investing in the latest EV stocks in India mentioned below.

8 Best Electric Vehicle Stocks in India

Best Electric Vehicle Stocks in India
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1. Reliance Industries Ltd (Electric Charging Stations)

Reliance Industries Ltd’s EV stock is one of India’s biggest electric vehicle stocks. It has partnered with Mahindra and Mahindra to discover some unique EV products and services. This joint venture between these leading companies also includes setting up charging stations for two and three-wheeler vehicles.

It also includes setting up charging infrastructure for small commercial vehicles. Here investors like you do not need to worry because Industry giants like Reliance Industries have backed this venture with monetary support.

2. Tata Motors Ltd (Electric Cars)

You can say Tata Motors has captured the most Indian EV market share. It has decided to invest $2 billion in the EV sector and a lot. The company has launched electric vehicles like Tata Nixon EV, Tata Tigor EV, and many other variants. This company aims to build high-value EVs under a tight budget so most buyers can buy their EVs. Currently, Tata Motors Ltd EV stocks are considered one of the best electric vehicle stocks.

3. Hero Electric (2-Wheeler)

If you are interested in finding top electric vehicle stocks in India under the two-wheeler segment. In that case, you can consider Hero Electric, India’s leading distributor and manufacturer of electric two-wheelers. The company has an advantage because it already has a huge customer base. This company is popularly known for manufacturing budget-friendly and family two-wheelers in India.

This company has many electric options already in India, such as Photon and Optima. Most models have comfort and city speed options to give an easy driving experience.

4. Mahindra & Mahindra Ltd (Electric Cars)

Mahindra & Mahindra has already ventured with Reliance Industries Ltd for innovation and infrastructure building for EV space. However, this brand has also decided to expand its collection by adding some new EV cars. This company aims to launch about 16 EV cars by 2027. It has aimed to launch electric SUVs and light commercial vehicles. So, the Mahindra buyers can benefit themself with top-class EVs at competitive pricing.

5. Ashok Leyland Ltd (EV Light Vehicle)

Ashok Leyland Ltd is a flagship company that comes under the Hinduja Group. This company is known as the fourth largest bus manufacturer in the worldwide market. This company partnered with Sun Mobility to enhance its expertise in producing top-class EV buses. This company has a top-class infrastructure to design electric buses based on Indian weather conditions.

It has launched many EVs like Circuit, HYBUS, and iBUS. It can be a perfect stock to purchase if you want to buy top electric vehicle stock in India under the commercial vehicle segment. 

6. Bharat Petroleum Corporation Ltd (EV Charging Stations)

BPCL is a leading company in the Indian market and has decided to set up 1000 electric vehicle charging stations in India in a few years. This company has decided a Rs 5000 crore budget for this mega project that it will invest in a renewable energy portfolio. This company also has a leading chain in providing oil in rural areas. Hence, this company has also a significant chance to make its EV stock of high value and profit.

7. JBM Auto Ltd (Electric Buses)

JBM Auto Ltd is one of the companies that has a fully equipped manufacturing plant. It was the first company to launch the first electric bus in India. It also has an electric vehicle charging station and proper resources for automotive OEMs. If you want to invest in the electric vehicle stock of a prominent company. It’s the ideal stock you can prefer as this company has already a decent market share in the EV sector.

8. TVS Motor Company Ltd (2-Wheeler)

TVS Motor Company Ltd’s EV stock has a high value in the market. It has allocated Rs 12,000 crore to improve technology and set up new EVs in the 2-wheeler category. The company has already launched its e-scooter, such as TVS iQube. If you are interested in buying electric two-wheeler stock in India, it can be a good one to purchase.


The Indian government has set a goal to have 30% electric vehicles on the road by 2030. For this purpose, many leading companies like Reliance Industries Ltd, Mahindra & Mahindra, Tata Motors, and Ashok Leyland have already started working on this project. Many companies have launched EV scooters, bikes, cars, and commercial vehicles. 

This article discussed the top electric vehicle stocks in India that you can consider right now. These EV stocks are in high demand because of their bright future scope and high return opportunities.

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