Top Electric Vehicle Companies in India

electric vehicle

The Electric Vehicle is a Revolution, and it is one of the growing sectors in India. The Indian government plans to make a 100% EV nation by 2030. After the pandemic, people started recognizing the necessity of electric vehicles in a country that can decrease pollution.

Electric vehicle sales have increased during the lockdown, and it is one of the major reasons to increase the electric vehicle stock price in India.

The electric vehicle industry boomed up recently on a massive scale in India. As a part of the government plan to procure electric vehicles. The Indian government has granted 1120 Cr to TATA Motors Ltd for providing 10,000 electric cars to decrease the pollution problems in the metropolitan cities.

Major automobile companies and battery companies like Mahindra & Mahindra Limited, Tata Motors Limited, Amara Raja Batteries Ltd, and Exide Industries Ltd will profit from electric vehicles in India. In electric vehicles, the battery pack plays a major role because the cost of the battery is 40% of the price of the vehicle. 

Recently Tesla has established its manufacturing unit near Karnataka, which creates a great hype towards Electric Vehicles.

Some of the top automobile companies like Mahindra, Tata Motors, and Ashok Leyland have already launched their electric vehicles in India.

As of now, there is a huge demand for electric vehicles in India. The Indian Government plans to replace most personal vehicles and commercial vehicles with electric cars by 2030.

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Electrical Vehicle Ecosystem

Electric Vehicles can change the nature of the entire vehicle manufacturing industry and the ecosystem. It uses one or more electric motors as its power sources, either directly providing power from the external power station or by an onboard electrical generator. Let’s have a look at the  electric vehicle ecosystem and its participating sectors

  • Mining
  • Cell/Components
  • Battery Packs
  • OEMS
  • Infrastructure


Mining plays a crucial role in the manufacture of an electric vehicle. The materials used in batteries are lithium, cobalt, nickel, copper, aluminium, which have been necessary to create electric vehicle (EV) batteries. Generally, we import all the materials from different countries except aluminium. In India aluminium is provided by Aditya Birla, NALCO.

MaterialDependentMajor Reserves
LithiumImport Bolivia, Argentina
CobaltImportCongo has 60% reserves
NickelImportAustralia has 26% reserves
CopperIndia has 2% copper reserves(HCL)Australia, China
AluminiumSelf(Aditya Birla, NALCO)


Electric vehicle components and its functions are dependent on the car type. There are different types of electric vehicles. The components used in the manufacture of electric vehicles are battery, DC converter, electric traction motor, fuel cell stack, fuel filter, fuel tank, power electronics controller, thermal system(cooling), transmission(electric). Here are the list of companies that provide the major components for electric vehicles.

HimadriTata Chemicals
Specialty chemical company which focuses on  carbon chemicalLi-ion recycling plant
Big player in anode material for batteriesPlanning to start manufacturing if batteries and cells

Battery Packs

A battery pack consists of identical batteries or individual battery cells. They can be placed in a series, parallel or a mixture of both to deliver the required voltage, capacity, or power density. This battery stores energy produced from regenerative braking and provides supplemental power to the electric motor. Here is the list of top battery companies.

Exide BatteriesAmara Raja Batteries
Top company in lead batteriesSecond largest company in lead batteries
Entering into Li-icon spaceEntering into Li-ion space
Exide has partnered with leclanche.Amara Raja has set up a pilot research hub in tirupati. They have a partnership with ISRO.


The full form of OEM is “Original Equipment Manufacturer.” An OEM isa company that manufactures and sells original parts directly to the vehicle’s maker. At the same time, the vehicle maker will put their brand name on the products.

An OEM is usually the direct customer of a retail company that sells straight to buyers. For example, HP laptop spare parts aren’t all manufactured by HP. Some parts, such as its processor or graphic card, may be the products of an OEM.

These are  classified into two types

  • Two wheeler and Three wheeler
  • Four Wheelers

Let’s take a look at the major Two wheeler and three wheeler companies in EV space and their recent developments

Bajaj Chetak – Electric launched recentlyPlanning to enter  3 wheeler electric in next financial yearTVS iQube – Electric scooter launched recently.Invested ultraviolette EV startupSubsidiary of Greaves cotton200+ electric two wheeler dealershipEntering into e-rickshaws segment

Let’s take a look at the major Four wheeler companies r companies in EV space and their recent developments

Maruti SuzukiTata MotorsMahindra
Planning to launch electric wagon R soonThey have a partnered with ToyotaTo develop electric technology by 2025Tata Motors is the leading player in electric vehicle sector in indiaTata motors have launched Tata Alroz EV and Tata Nexon EV.Earliest adaptor of the electric technologyThey mainly focus on B2B segmentThey have 4 wheeler and 3 wheeler segment.


Electric vehicle infrastructure is usually referred to as electric vehicle supply equipment (EVSE). It is the main component of a healthy Electric Vehicle ecosystem and needs enough planning and dedicated electrical infrastructure at various levels of the distribution grid. Normally electric vehicle infrastructure consists of 

  • Battery Charging
  • Software Tech

Battery Charging

Below listed companies are few of major players working in field of Battery charging tech .This may include designing and developing charging stations, charging equipments etc.

They have installed 289 electric vehicle public charging stationMore than 2000 home chargesLargest power equipment manufacturer in the world.Created charging stations.Largest power equipment manufacturer in india.Energy efficiency services Ltd and BHEL have signed a pact to setup a network of public charing infracture.


BMW has signed KPIT to develop software for its next generation electric vehicle charging electronics program.specialized electrical vehicle engineering capabilities from design to system integration and development and testing.Tata Elxsi works with OEMs in providing mechanical solutions in the area of traction batteries for electric vehicles and other EV systems.

Now let’s try to understand about major listed companies in India who are venturing into EV technology and the recent developments.

Mahindra Electric


Mahindra Electric Mobility Limited is based in Bangalore. It was the first company to launch electric vehicles in India. Its first electrical vehicle was Mahindra Reva, launched in 2001.

Mahindra was not only focused on making electric vehicles but also battery packs. They have partnered with multiple companies to increase electric vehicle charging.

After launching Mahindra Reva, the company has manufactured few more variants like Mahindra e2o, electric hatchback e2oPlus, eVerito sedan, commercial electric eSupro, etc

Market CapitalizationRs 116,993 Cr
ISIN CodeINE101A01026
Share price942
P/E Ratio24.8
ROE4.73 %
ROCE8.54 %

Tata Electric

Tata Electric

Tata Motors provides a variety of electric vehicles to the Indian electric vehicle industry. Tata Motors is the largest manufacturer of trucks, cars, buses, defense vehicles, etc. 

The company was located in India, UK, Italy, and Korea.

When coming to electric vehicles, the Tata group mainly focused on passenger vehicles and electric buses in India. Tata group manufactured some of the electric vehicles like Tigor EV, Nano EV, and the Tiago electric.

Market CapitalizationRs 150,355 Cr
ISIN CodeINE155A01022
Share price Rs 421
P/E Ratio0
ROE-22.2 %
ROCE1.51 %

Ashok Leyland Electric

Ashok Leyland

Ashok Leyland is one of the biggest bus manufacturers globally. The company has already started a fully electric bus named circuit in India. Ashok Leyland has manufactured electric vehicles according to Indian conditions.

It has started various electric bus variants like the Circuit, HYBUS, Electric Euro 6 Truck and announced the iBUS.

Market CapitalizationRs 39,880 Cr
ISIN CodeINE208A01029
Share priceRs 136
P/E Ratio0
ROE-0.84 %
ROCE6.29 %

Here are the Top Electric Vehicle Companies in India

Company NameMarket CapitalizationIndustry
Amara Raja Batteries Ltd.8,511 CrBatteries
Exide Industries Ltd.12,185 CrBatteries
Hero MotoCorp Ltd.52,425 CrAutomobile Two & Three Wheelers
Himadri Speciality Chemical Ltd.2,814 CrChemicals
Vedanta Ltd.125,697 CrMetal – Non Ferrous
Hindalco Industries Ltd.113,616 CrMetal – Non Ferrous
Ashok Leyland Ltd.39,880 CrAutomobiles-Trucks/Lcv
Mahindra & Mahindra Ltd.116,993 CrAutomobiles – Passenger Cars
Tata Motors Ltd.150,355 CrAutomobiles-Trucks/Lcv
Tata Chemicals Ltd.24,719 CrChemicals
Greaves Cotton Ltd.3,600 CrDiesel Engines
Graphite India Ltd.9,023 CrElectrodes & Welding Equipment
Hindustan Copper Ltd.9,336 CrMetal – Non Ferrous
Maruti Suzuki India Ltd.238,547  CrAutomobiles – Passenger Cars
JBM Auto Ltd.5,501 CrAuto Ancillary

Upcoming Electric Vehicles in India

Day by day, electric cars are growing more popular in India. Nissan Leaf and Tesla are the best electric cars in India. Here is the list of upcoming electric cars.

  • Nissan Leaf EV
  • MG eZS
  • Tesla Model S
  • Tata Altroz EV
  • Audi e-Tron
  • Ford Aspire EV
  • Mahindra eKUV100
  • Maruti Suzuki WagonR EV