Top EV Companies in India

Top EV Companies in India - Leading the EV Revolution

Top EV Companies in India are driving the country’s shift towards electric mobility. The EV revolution is accelerating with rising fuel prices, government incentives, and a growing focus on sustainability. Major players like Tata Motors, Mahindra & Mahindra, and Hyundai are making significant investments, making this an exciting time for both consumers and investors.

The Rise of EVs in India

India’s EV market is still in its early stages, with electric vehicles accounting for just 2.5% of total car sales in 2024. However, with the government aiming to push this number to 30% by 2030—supported by stricter emission rules coming in 2027—the industry is set for major growth. Analysts predict that EV sales could double this year as designs improve and consumer interest rises.

1. Tata Motors – The Market Leader

Tata Motors is India’s biggest EV manufacturer, with popular models like the Nexon EV and Tigor EV dominating the market. The company is going all-in on electric mobility, investing $1.5 billion in a battery gigafactory, expected to start production in 2026.

EVs currently make up 12% of Tata’s total car sales, and the company is aiming for 30% by 2030. With a strong product lineup and major investments in battery production, Tata Motors remains a top contender in India’s EV space.

2. Mahindra & Mahindra – Betting Big on Electric SUVs

Mahindra & Mahindra, a well-known auto giant, is making bold moves in the EV sector with its electric SUV lineup. The company recently launched two new EV models and plans to manufacture 200,000 electric vehicles by March 2026.

By 2027, Mahindra wants EVs to contribute at least 20% of its total sales. The company is also gearing up to release five more electric models by 2030, leveraging its strong dealership network to drive EV adoption.

3. Hyundai Motor India – Expanding EV Offerings

Hyundai is another key player in India’s EV industry. The company plans to roll out five new EV models by 2030 while also expanding its EV charging infrastructure, with a target of 485 charging stations by then.

Hyundai’s first locally produced EV, the Creta Electric, is set to launch this year. Additionally, the company is working on hybrid models, with the first expected to hit the market by 2026. With a $4 billion investment planned over the next decade, Hyundai is serious about strengthening its position in India.

4. JSW Group – A New Entrant with Big Plans

Known primarily for steel production, JSW Group is making a bold entry into the EV space. The company has announced a $1.5 billion investment in a new manufacturing plant in Aurangabad, Maharashtra.

This move is expected to create over 5,200 jobs and position JSW as a strong new player in India’s EV sector.

5. Ola Electric – Dominating Two-Wheelers

Ola Electric has already made waves in the EV market with its electric scooters like the S1 Pro and S1 Air. The company recently expanded into electric motorcycles, launching models such as the Roadster X, which offers an impressive 200 km range per charge.

While Ola faces challenges like high initial costs, the company is working on reducing expenses through in-house battery production, with an aim to improve profitability over time.

6. MG Motor India – Strengthening Its EV Portfolio

MG Motor India entered the EV race with the ZS EV, a compact SUV that has been well-received for its features and performance. Now, the company is expanding its lineup and investing in charging infrastructure to enhance the EV experience for Indian consumers.

To make EVs more affordable, MG is also localizing production—making it a brand to watch in the coming years.

7. Hero Electric – Leading the Two-Wheeler Segment

Hero Electric has long been a pioneer in India’s electric two-wheeler market. With models like the Optima and Photon, the company has built a strong presence in the industry.

Looking ahead, Hero Electric plans to launch four new electric bikes in 2025, aiming to make sustainable mobility accessible to a wider audience.

Conclusion

India’s EV industry is on the rise, with both established automakers and new players racing to lead the transition to electric mobility. As the country moves towards greener transportation, this sector presents exciting opportunities for investors.

If you’re looking to invest in India’s EV future, keep an eye on these companies and their evolving strategies. Stay informed, and happy investing!

📌You can also read:

SEBI Disclaimer

Mutual fund investments are subject to market risks. Please read all scheme-related documents carefully before investing. The information provided here is for educational purposes and should not be construed as investment advice or recommendations.