Electric Vehicle Manufacturers In India: Top EV Manufacturing Companies (2023)

Since the beginning of the new millennium, many breathtaking technologies have evolved. Electric vehicles' manufacturing is one of them.

If you live anywhere close to Delhi, you need no further explanation; the air pollution is at its best. So, India, recently, has been very proactive as per as pollution control is concerned. The central government has launched schemes such as 'National Electric Mobility Mission Plan, 2020' and 'Go electric campaign' to promote electric vehicles. In the recently concluded COP26 of the UNFCCC at Glasgow, Mr. Narendra Modi has pledged 'net-zero' by 2070. It means that India will take all the steps necessary to keep Carbon emission under control in the upcoming years. And usage of electric vehicles is an important step in this way.

Why should you buy an electric vehicle?

  • Petroleum and gas are limited. We can't use them forever. Anyway, they will be costly in the upcoming days.
  • To contribute to the reduction of air pollution.
  • To promote renewable energy.
  • They come with ultra-modern designs and features. So, it's an attractive deal, environmentally sustainable, and cost-effective.
  • The Government of India provides incentives for the purchase of electric vehicles under the Faster Adoption and Manufacturing of Hybrid and Electric vehicles (FAME) scheme. So, it is the right time!

Well, now you must be thinking of buying one. Then let's jump in and know more. Here are the top electric vehicles manufacturers in India:

  • Tata Motors
  • Hero Electric
  • Mahindra Electric
  • Ola Electric Mobility
  • MG Motors
  • Hyundai
  • Ashok Leyland
  • Ultraviolette Automotive
  • Revolt Motors
  • Tesla India

1. Tata Motors

Tata Group has been a pioneer in every possible kind of sector since the inception of the industrial revolution in India. How could it have stayed away from this crucial transitional phase in automobile manufacturing? Recently, it has come up with two models of electric cars. Nexon EV and Tigor EV:

  • They are manufactured with the help of Ziptron Technology.
  • The market price starts at 11.99 lakhs.
  • More than thirty digital features.
  • Full charge of the battery in under an hour.
  • Instant pick up ; 0-60 kmph in 6 seconds and 0-100 kmph in 10 seconds.

Electric Vehicle Manufacturers In India: Top EV Manufacturing Companies (1)

2. Hero Electric

A part of the Hero Group, it has been a front-runner in the manufacture of electric scooters. Besides its ER series, E2 series, E5 series, etc., it is also associated with the production of electric three-wheelers. Already popular among the people across India, it has around 3 lakh customers. Some of the latest editions are discussed in the following table:

(Video) India का Electric Future..!! | भारत के Top EV Companies | Tech Baba

Model Name

Average Price ( In Rupees)

Top Speed (In KMPH)

Charge time ( in hours)

Hero Electric Optima LX (VRLA)



8 to 10

Hero Electric Flash LX



4 to 5

Hero Electric NYX HX (Dual Battery)



4 to 5

Hero Electric Flash LX (VRLA)



8 to 10

Hero Electric Atria LX



4 to 5

Hero Electric Photon Hx




3. Mahindra Electric

For a really long period, Mahindra has been a leading car manufacturer in India. The popularity of Scorpio has been insane since anyone can remember, besides other models like Bolero, Xylo, XUV 300, Marazzo, Thar, etc.

Now Mahindra has entered into this electric vehicles' revolution in the most diverse way possible. Cars, vans, three-wheelers, and two-wheelers; all of them are released by Mahindra.

Model Name

Type of Vehicle


e2o Plus


Zippy & compact with a maximum driving range of 140 km. Available in three variants: P2, P4 & P6.


Three Wheeler

Low maintenance. Powered by a lithium-ion battery. Available in two variants.

eAlfa Mini

Three Wheeler

Powered by a lead-acid battery.



Home charging system. Top Speed at 60kmph. It has a range of 115 km.



1st electric sedan of India. Low running cost of Rs. 1.15/km with a range of 110 km. Available in two variants: D2 and D6.

GenZe 2.0


Designed in Silicon Valley and developed in Michigan, it will soon hit the Indian roads.

Electric Vehicle Manufacturers In India: Top EV Manufacturing Companies (2)

4. Ola Electric Mobility

Founded in 2017, it is a wholly owned subsidiary of ANI Technology. Based in Bangalore, it has its manufacturing plant in Tamilnadu. Ola will make full benefits of its wide market range because of its established cabs and bikes services.

  • It has come off with two models of scooters Ola S1 and S1 pro.
  • Price starts at 99,999 rupees
  • Instant pick up: 0-40 kmph in 3 second
  • Every possible digital feature is available with it.
  • 181 km per full charge.
  • It is available in 10 stunning colours.

Also read: 5 EV Battery Manufacturers In India

Ola future factory:

  • With an annual production capacity of 10M, it can produce around 15% of global two-wheeler capacity.
  • The basic aim is to manufacture as much material as possible.
  • Covering a massive area of 500 acres, around 3000 robots run it.

Ola hypercharger:

(Video) Top 10 Electric Vehicle Manufacturers in India

  • To ensure effective services of the electric scooters, it has installed over 1 lakh charging units across 400 cities.
  • Yearly Ola charge cost is estimated to be around 4,000 rupees instead of 15,000 to 20,000 rupees based on the current price of petrol.

Also Read: E-Scooter Manufacturers In India

5. MG Motors

One of the latest additions to the car market in India, Morris Garage specialises in making stylish cars in a reasonable price range. Recently, it has launched MG ZS EV 2021, an electric car that represents power and passion.

  • It has a battery capacity of 44.5 kWh
  • Estimated driving range is 419 km per charge.
  • Acceleration of 0-100 kmph in 8.5 seconds.
  • It's believed to be strategically placed against Hyundai KONA Electric.

6. Hyundai

This carmaker has started its luck in the electric vehicles revolution. It recently launched KONA Electric, a versatile and powerful model of an electric vehicle. Major highlights are:

  • India’s First All-Electric SUV.
  • Up to 452 km driving range per full charge.
  • 0-100 kmph acceleration in less than 10 seconds.
  • Up to 8 years warranty for battery.

7. Ashok Leyland

Ashok Leyland, the fourth-largest bus maker in the world, has a large market base in India for trucks, buses, and vans. To address the severe pollution of Delhi and to ensure excellent commutation, it jumped into the electric bus system.

  • It launched its first electric bus Circuit in 2016 and Circuit S at the 2018 Delhi Auto Expo.
  • The company claims that its electric buses are designed for Indian conditions and has tied up with Sun Mobility to enhance its expertise in the electric vehicle domain.
  • It is determined to introduce battery swapping in electric buses to address e-mobility needs in the country.

8. Ultraviolette Automotive

Backed up by TVS Motors, it's a Bengaluru-based startup founded in 2015. It's expected to produce some of the finest sporty and stylish electric bikes

  • It has a production capacity of 10,000 units per annum.
  • It is planning to set up charging facilities in all the major places starting from Bengaluru.
  • Its first bike - F77 - is ready to be launched in 2022. With no gearbox and no clutch, it's set to put the roads on fire with a maximum speed of 142kmph.

9. Revolt Motors

It is set to bring up 1st AI-enabled bikes in India with the help of Rattan India.

(Video) Picking the Best Electric Vehicle stocks in India | Stock Market Classes Episode 4

  • Revolt Motors has already started with RV300 and RV400 in Pune, Delhi, Hyderabad, Chennai, and Ahmedabad.
  • These bikes are using a swappable battery system and a subscription-based pricing model.
Electric Vehicle Manufacturers In India: Top EV Manufacturing Companies (3)

10. Tesla India

Founded in Jan 2021 in Bangalore, it's a subsidiary of Tesla Inc. It is set to launch various variants of expensive and hi-tech electric cars in India.

  • Although it's yet to enter the market, it already promises a lot because of the popularity of its already running products in the USA and other countries.
  • Mr. Musk has been an ardent ambassador of advanced technology. The craze of Elon Musk is high amongst the technocratic youth of the country.
  • A stand-off between Tesla and the Union Government is going on due to some clearance issues. Once it's sorted out, it's expected to release four luxurious cars named Model 3, Model S, Model X and Model Y in the upcoming days.

India in Limelight:

India already has a low HDI, a massive population, moderate literacy, and high unemployment. It can not add 'pollution' to its list of problems.

Besides environmental safety, there is a different angle to be looked at as per this emerging technology is concerned. China was the leading manufacturer of electric vehicles due to its large lithium reserves. But after this COVID saga, the rest of the world has lost trust in China. So, India has a golden chance to rule this market. Automobile giants are trying their best to get it going. With big companies like Tesla coming here, the future seems lucrative.

Also Read:

1) Medical Equipments Manufacturers In India
2) LED Light Manufacturers In India
3) Lithium Battery Manufacturers In India
4) Cosmetic Manufacturers In India
5) Manufacturing Companies In India
6) E Rickshaw Manufacturers in India

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Electric Vehicle Manufacturers In India: Top EV Manufacturing Companies (4)

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FAQs on EV Manufacturers

Q. Why is there so much talk about electric vehicles?

Ans. To bring down the overall temperature by 1.5°C and to control the ever-growing air pollution, the whole world is looking for every possible measure. Physical mobility has become essential, and humanity is acquainted to automobiles. But around 27% of pollution is caused by vehicles. So, the only solution is to change into vehicles run by electricity.

Q. Is India ready for it?

Ans. Recent government policies certainly suggest that India is ready for the manufacture, production, and use of electric vehicles.

Q. Are Indians ready to adopt?

Ans. A class of people, who understand the environment, are more than ready to shift. Some are tired of the ever-increasing price of petrol and diesel. Still, a lot of awareness is required. But with diverse products and better infrastructure, people will certainly be attracted.

Q. What is the most important material required for electric vehicles manufacturers?

Ans. Among other things, the unique aspect is that of the batteries. Lithium is the most sought-after material. Nickel, Cobalt, Graphite are also required.

Q. What are the main challenges of these electric automotive industries in India?

Ans. India doesn't have sufficient reserves of raw materials. So import cost is a problem. Infrastructure development is needed on a fast track basis to meet the requirements of electric vehicles. Public awareness is essential for business sustainability.

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Electric Vehicle Manufacturers In India: Top EV Manufacturing Companies? ›

The top Electric vehicle producers in India are Tata Motors, JBM Auto, Olectra Greentech, Mahindra Electric mobility

Mahindra Electric mobility
Mahindra Electric Mobility Limited, formerly known as the Reva Electric Car Company, is an Indian company based in Bangalore, involved in designing and manufacturing of compact electric vehicles.
https://en.wikipedia.org › wiki › Mahindra_Electric
, Ola Electric Mobility, Ashok Leyland Electric, Hyundai, Hero Electric, Menza Motors, Lohia Auto, Kia Motors, etc.

Which company are making EV vehicles in India? ›

The EV ecosystem in the country is dominated by major 2- and 3-wheeler, passenger vehicle, and commercial EV brands, including Ampere, Ashok Leyland, Ather Energy, Hero Electric, Hero MotoCorp, Hyundai, Mahindra Electric, MG Motor India, Okinawa Autotech, Ola Electric, Tata Motors, and TVS Motor Company.

How many EV manufacturing companies are there in India? ›

List of 25 Electric Vehicle Manufacturers in India
Mahindra ElectricEeVe India
Lohia AutoKabira Mobility
Revolt MotorsPure EV
MG MotorsTork Motors
Bajaj AutoTunwal E-Vehicle India
8 more rows
Mar 8, 2023

What is the best EV stocks to buy in India? ›

Best EV stocks in India
EV StockCategoryMarket cap (Rs. in cr.)
Mahindra & MahindraAuto manufacturer1,45,108.03
Exide Industries LtdBattery manufacturing15,963
TATA MotorsAuto manufacturer1,68,935.86
Hero MotoCorp LtdAuto manufacturer49,147.58
5 more rows
5 days ago

Which company sells most EV cars in India? ›

Best-Selling Electric Cars in India 2022
  • #1 Tata Nexon EV.
  • #2 Tata Tigor EV.
  • #3 MG ZS EV.
  • #4 Hyundai Kona.
  • #5 Volvo XC40 Recharge.
Feb 8, 2023

Who is leader in EV in India? ›

The India electric vehicle market has several major players including Greaves Electric Mobility Private Limited ('GEMPL'), Ather Energy Private Limited, ATUL Auto Limited, Bajaj Auto Limited, Electrotherm (India) Limited, Hero Electric Vehicles Pvt.

Who is the biggest EV maker in India? ›

World's largest EV manufacturing hub in India: Ola Electric to invest Rs 7,600 Cr in Tamil Nadu - Times of India.

Who are the major players in EV market in India? ›

Some key players operating in the India Electric Vehicle market include Hyundai Motor India, Tata Motors, Mahindra & Mahindra Ltd, Audi AG, BMW AG, MG Motor India Pvt. Ltd., and Olectra Greentech Limited. What are the factors driving the India EV market? b.

Which stock is best for EV? ›

Performance Overview of EV Stock List
S. no.Company NameNet Profit Margins
1Reliance Industries Ltd.8.6
2TVS Motor company ltd.3.73
3Tata Motors Ltd.3.34
4Indian Oil Corporation Ltd.0.38
4 more rows
Apr 18, 2023

Who will be the biggest EV manufacturer? ›

The 5 Biggest Global Electric Vehicle Companies
  • Tesla. With a market cap of over $580 billion, Tesla is the largest EV manufacturer in the world. ...
  • Li Auto. Li Auto, a China-based EV manufacturer, follows Tesla with a market cap of $25 billion. ...
  • NIO. ...
  • Lucid Motors. ...
  • Rivian. ...
  • The EV Market Is Growing. ...
  • More from Industry Trends.
Apr 17, 2023

Which are the top 5 Indian companies working in EV charging space? ›

The top 5 largest EV Charging Station Companies In India are Tata Power, Charge Zone, Ather Energy, Charzer, and Statiq.

What is the #1 EV stock? ›

As a breakthrough technology, many—but not all—of the leading EV companies are growth stocks.
The Best EV Stocks of April 2023.
Company (Ticker)Market Capitalization
General Motors Company (GM)$49 billion
Li Auto Inc. (LI)$23 billion
XPeng Inc (XPEV)$8.7 billion
Lucid Group Inc (LCID)$15 billion
6 more rows
Apr 13, 2023

Does EV have a future in India? ›

India is the world's third-largest EV market. This competitive market which grew by 23% in 2022, is set to transform the Indian automotive sector in 2023. During the union budget for the fiscal year 2023-2024, the Finance Minister allocated Rs 35,000 crore to achieve net-zero carbon emission by 2070.

What are the top 3 electric car manufacturers in India? ›

Top 10 Electric Vehicle Manufacturers in India
1.Ola Electric
2.Tata Motors
3.Ather Energy
4.Mahindra Electric Motors
5.TVS Motors Company
5 more rows
Feb 15, 2023

Who are the top EV car battery manufacturers in India? ›

Amara Raja Batteries is among India's largest manufacturers and suppliers of electric vehicle batteries. Like Tata Group, Amara Raja Batteries has ventured into various sectors besides battery manufacturing and has collaborated with ISRO to produce lithium-ion batteries for electric vehicles.

Who are the EV investors in India? ›

The report found that Blume Ventures, Micelio, and GrayCell Ventures are the top seed-stage investors in this space in India, while the biggest early-stage investors are Tiger Global Management, Sequoia Capital, and Qualcomm Ventures. The top late-stage investors are GIC, The Rise Fund, and Tekne Capital Management.

Which company owns the most EV charging stations in India? ›

Tata Power has a pan-India presence with 3,600 public/semi-public charging points across 450 cities. It has set up 450 EZ (pronounced like “easy”) charging points along 350 national highways. It also has a network of 23,500+ home charger installations (for private use) and 240+ electric bus charging points.

Who is manufacturing EV charging stations in India? ›

Tata Power: They are the biggest CPO of EV charging infrastructure in the country. The company has a presence across all the segments of the EV charging ecosystem will all types of chargers – DC 001, AC, Type 2, Fast DC chargers up to 50kw, and up to 240kw chargers for buses. Charzer : It is a Bangalore-based startup.

Who supplies EV batteries to Tata Motors? ›

According to reports, Tata Motors is planning to set up the electric vehicle battery manufacturing facility together with Envision, the EV cell manufacturer from China.

Which is the EV capital of India? ›

There are about 1919 charging stations in DELHI, mostly slow and medium chargers for electric three-wheelers and medium and fast chargers for electric cars (source: www.ev.delhi.gov.in).

Why are Exide shares falling? ›

The price-to-earnings ratios of Exide Industries fall below 3 after the result of the Q4FY22 which generally trailed with 18 to 20 this is due to a huge increase in the profit of Exide Industries in Q4FY22.

Are EV stocks risky? ›

There are plenty of EV companies in the industry and while the market is slowly recovering, some EV stocks are best avoided. These companies may not rise to the levels they did in 2020. These companies may not generate any returns for you this year and are too risky to touch now. Let's take a look at them.

Who is Tesla's biggest EV competitor? ›

China's leading electric vehicle maker is BYD, which ranked second behind Tesla in 2022 in global BEV sales with 911,141 units, compared to the US company's 1,313,851. Get upfront price offers on local inventory. 8:57am ARK Predicts Tesla Stock To At Least $2,000 By 2027, But Why?

Who are the top 5 EV charging manufacturers? ›

The 5 biggest electric vehicle charging companies
  • ABB is a Swedish-Swiss company with a massive footprint in the EV charging space. ...
  • Eaton has more than 85,000 employees around the world and made $20.8 billion in sales in 2022. ...
  • EVgo operates one of the largest public networks of DC fast chargers in the United States.
Feb 1, 2023

Who is Chargepoint biggest competitor? ›

Chargepoint's top competitors include ChargeLab, Monta, and Fulcrum BioEnergy. ChargeLab offers an EV charging software designed to operate and optimize electric vehicle charging equipment. Its software works as an operating system for EV chargers…

What stocks will boom in 2023? ›

Bank of America's Best Growth Stocks of 2023
Company5-Year EPS Estimate
Constellation Energy (CEG)+21.7%
Chipotle Mexican Grill (CMG)+24.4%
Alphabet (GOOG, GOOGL)+16.3%
Eli Lilly (LLY)+22.9%
6 more rows
Apr 11, 2023

Who makes the most batteries for electric cars? ›

Chinese Dominance

The leading battery supplier, CATL, expanded its market share from 32% in 2021 to 34% in 2022. One-third of the world's EV batteries come from the Chinese company. CATL provides lithium-ion batteries to Tesla, Peugeot, Hyundai, Honda, BMW, Toyota, Volkswagen, and Volvo.

Who supplies Tesla batteries? ›

What company makes Tesla's batteries? Tesla is currently working with Japanese company Panasonic, its longtime partner, and South Korea's LG Energy Solutions, the second largest battery supplier in the world. They supply the EV maker with cells containing nickel and cobalt.

Why EV is booming in India? ›

The Indian electric vehicle market is expected to grow by 47.09% between 2022 and 2027, according to reports. This growth is largely due to the increasing demand for electric vehicles in the country, as well as government initiatives such as the National Electric Mobility Policy 2025.

Is EV a good investment in India? ›

The EV industry, with a focus on domestic vehicles, has potential for huge growth in India. There is also a massive opportunity for expanding the market share of big players who are able to invest in the launching of affordable EVs.

Is it worth buying an EV in India? ›

Is it worth buying an electric car in India? If you are looking for an electric car for your short daily commutes, then an EV is worth the money as it will reduce your commute costs in the long run. The maintenance cost of an electric car is also less when compared to a conventional car.

What companies make electric car parts in India? ›

EV Components Manufacturer/Supplier in India
Company NameCompany WebsiteComponents
TSUYO manufacturingtsuyo.co.in/Motors and compatible drives
DANA Tm4www.danatm4.com/vehicle control units
Compage automationwww.compageauto.comBLDC motors
ROTOMOTIVE POWERDRIVESwww.rotomotive.comMotors, controllers, and differentials
26 more rows

Which company makes lithium ion battery in India? ›

1) Waaree ESS

Waaree Energy Storage System [WESS] is India's largest vertically integrated solar power firm as well as a prominent battery brand.

Which company makes Tesla batteries in India? ›

Tesla Power India Pvt. Ltd based out of Gurgaon (APAC office) with the global headquarters in Delaware, USA has been acknowledged for being a pioneer and leader in introducing affordable batteries with long life that has revolutionized the energy storage industry.

How many EV charging companies are there in India? ›

There are 1606 EV charging stations in India spread across 214 cities. Of these, Maharashtra has the highest number with 471 charging stations while Pondicherry has the least with 2 charging stations. Locate electric car charging points across India including charging cost by clicking on the EV brand of your choice.

What is the size of EV industry in India? ›

The India electric vehicle market size was USD 1.45 billion in 2021 and is projected to grow from USD 3.21 billion in 2022 to USD 113.99 billion in 2029, growing at a CAGR of 66.52% during the 2022-2029 forecast period.

How many EV manufacturers are there? ›

There are dozens of companies that produce electric-powered vehicles, including battery-powered and plug-in units. Tesla is the dominant force in the space, but there are at least 30 more firms, including legacy automakers, such as Toyota and Volkswagen, and pure-play EV manufacturers, like Rivian and Li Auto.

How many companies are making EV cars? ›

There are currently about forty different electric vehicles available, from about twenty different electric car manufacturers.

Is EV sector booming in India? ›

According to a recent report, India's electric vehicle (EV) market, including EV two-wheelers and three-wheelers, is expected to grow at a compounded annual growth rate (CAGR) of 90% to touch $150 billion by 2030. The Indian electric vehicle industry is estimated to grow at a CAGR of 90%.

Who is ChargePoint biggest competitor? ›

Chargepoint's top competitors include ChargeLab, Monta, and Fulcrum BioEnergy. ChargeLab offers an EV charging software designed to operate and optimize electric vehicle charging equipment. Its software works as an operating system for EV chargers…

Who is the second largest EV company? ›

It's overtaken Ford, but still lags far behind Tesla.

Who is the world's largest EV seller? ›

BYD overtakes Tesla as world's top EV seller

BYD has three business segments but its EV business, its biggest business segment accounting for more than half of revenues and nearly half of segment profits, is viewed as its biggest growth driver and there is plenty more room for growth.

Who dominates the EV industry? ›

Tesla still dominates the U.S. EV market, accounting for 65% of total sales last year, Motor Intelligence's estimates show.

Who are the biggest players in the EV market? ›

Electric Vehicle Market Leaders
  • BYD Motors Inc.
  • General Motors Company.
  • Groupe Renault.
  • Tesla Inc.
  • Volkswagen AG.


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