Here are the top 5 electric two-wheeler stocks to watch for in 2024
In recent years, electric vehicles have gained popularity with their cleaner and more efficient way of commuting when compared to conventional ICE-powered cars. It is due to several advancements in battery technology, gaining them on the good side of the spectrum. Beyond that, automakers are also improving the availability of their charging infrastructure and expanding each year with incredible capacity. To expand further, it is also due to the shift towards a more sustainable future with every government taking strict measures to achieve the goal of making the energy source with renewable energy only to further boost this transition towards EVs.
With the growing trend, the stocks of several EV makers have surged drastically with the growth in the sector. Several companies involved in the manufacturing of electric vehicles, battery tech, charging and other services are seeing substantial growth and gaining widespread attention in the industry. In this article, we’ll look into these companies and their stocks you should watch in 2024.
1. Hero Motocorp
Hero Motocrop is among the world’s biggest two-wheeler manufacturers and has also dipped its hands in the growing EV segment The automaker launched its first electric scooter Vida V1 in 2022 and joined the EV race. Hero now has two electric scooters in their portfolio and has recorded sales of over 11,061 units in 2023 from 182 units back in 2022. With a growth of over 5977%, the automaker is becoming among the most well-known brands in the E2W sector. Hero Motocorp will invest over Rs. 600 Crore to expand its portfolio and will launch 3 brand new offerings by next year.
2. TVS Motor Company
Next up is the TVS Motor Company which has got its sleeves up in the two-wheeler segment. The company also has two electric scooters in their lineup with the iQube S and ST rivaling the Ola S1 and Ather’s 450 lineup. TVS has also introduced its first performance electric scooter, the TVS X, in November 2023 and plans to dig deeper into the electric two-wheeler segment.
3. Bajaj Auto
Bajaj Auto is yet another automaker that is also not going behind and getting its shoes in this growing EV market. The company’s Chetak electric scooter, a scooter with a legacy gone electric has been selling like hotcakes. The company has also introduced its 2024 edition with new cosmetic changes, smoother performance and a new TFT display. Bajaj has sold more than 76,627 units in 2023 and has a substantial market with its incredible performance and good customer reviews. With a good Rs. 300 Crore investment, Bajaj Auto plans to invest over Rs. 400 Crore by the next FY.
4. Wardwizard Innovation
Next comes Wardwizard Innovation, the company behind one of the most successful electric vehicle manufacturers in the Indian E2W space, Joy e-bike. Starting in 2016, the company has gained massive attention in the EV sector with a market capitalization of over Rs. 1,800 Crore. Wardwizard Innovations is seeing a growth of 21.6% MoM as of March 2024, selling over 1,019 units. The company will focus on the electric two and three-wheeler segment and will establish a new motor assembly factory in Vadodara.
5. Revolt Motors (RattanIndia Enterprise)
Revolt Motors is among the pioneers in the electric bike segment selling over 12,992 units in 22023 and has a YoY growth of over 69.16% within the last two years. The company’s two electric bikes, the RV400, and the RV400 BRZ have seen incredible demand and thus reflected in their sales that people are willing to pay for a premium electric mobility when the offering is right. The RattanIndia Enterprise-owned subsidiary is planning to expand its dealerships pan India to 500-1000 in the next 2-3 years and will increase its R&D and customer services.
Also read: March 2024 Electric Two-Wheeler Sales Report, Ola Electric Leads With 50k EV Sales
1 thought on “Top 5 Electric Two-Wheeler Stocks To Watch In 2024”