Here are the 4 EV stocks you should keep an eye on in 2024
India is among the world’s largest auto market after US and China, transitioning towards the EV sector, making it among the biggest EV industry in the world. With the increasing demands in the electric vehicle sector, several OEMs have stepped up to provide the best electric mobility solution to cater India’s growing EV demands. The world’s changing climate and carbon emision level is a growing concern especialy for a developing nation like India.
To reduce that, Indian automakers are all set to offer the best of innovation and technology and produce the global standard products for India and abroad. Talking about EVs, these companies will also deliver incredible supply and demand chain and turn profits not just for their investers, but for the public too. Yes, these companies are publically trading OEMs that will offer incredible profits to you in the future. Let’s look at the four major EV stocks that will boom in the future.
1. Tata Motors
Tata Motors is among the pioneers in the sector, offering world-class products both in the passenger and commercial sector. The Tata Group has long been partnering with Germany-based Daimler-Benz company to product their commercial vehicles since 1954. Since then, the automaker has produced some of the best vehicles in the market, fast forward to today, the automaker is among the leading giants in the EV space gaining a significant market share in the industry.
Tata’s portfolio in the EV space includes both passenger and commercial vehicle space. It includes the new Punch.ev, Nexon.ev, TIago.ev, Tigor.ev and has a market share of over 70% in India. Talking about the commercial vehicles, Tata offers its Starbus AC electric buses and the Tata Ultra electric bus in India and plans to further expand its portfolio in the electric mobility sector.
2. Maruti Suzuki India Limited
Next up, comes Indias largest automaker in the passenger space, Maruti Suzuki India Limited. The Japanese subsidiary of the Suzuki Motor Group is also gearing up to launch its next range of new electric vehicles. Maruti is also set to launch its first EV in India, the eVX, offering the brand’s innovative design and tech in the EV space. The electric SUV will offer two variant with a 40kWh and a 60kWh battery capable of delivering a range of upto 550 Km on a siingle charge.
3. Mahindra & Mahindra
Mahindra & Mahindra is among India’s leading automaker in the space, gearing up to lineup its next electric vehicles in the growing EV space. Mahindra plans to expand its portfolio with its new electric cars beyond its Mahindra XUV400 EV debuted last year. The automaker got 2,500% grwoth in the market and plans to unveil more products in both four-wheeler and three-wheeler space.
4. Ashok Leyland
Another Indian automaker in the country that is booming in the EV sector is Ashok Leyland. The multinational automaker is expanding its EV presence in both India and abbroad with its subsidiary Switch Mobility. The company has secured an MoU for producing 13,000 e-LCVs in the country, commiting an investment of Rs. 1,200 Crore by its parent company Ashok Leyland for further expansion.
Also read: Vertelo Collaborated With Tata Motors to Boost EV Mobility in India