Tata Motors
Tata Motors was one of the first automotive brands in India to hop onto the electric vehicle bandwagon. It was quick in assessing the EV space way before the competition and currently enjoys a slight first-mover advantage. Tigor EV was the manufacturer’s first electric vehicle for personal buyers which came at a hefty price in 2019. This particular car accounted for 95 percent of total electric car sales in February 2022. Apart from that, the Ziptron technology at the helm of Tata electric cars ensures the smooth performance of the battery and motor for the long term. It also allows Tata to easily offer EV versions of its existing ICE cars such as Tigor and Nexon.
| Warren Buffett Checklist | Measure |
| Growth | Moderate |
| Value | Good |
| Debt | Bad |
| Moat | Good |
Hyundai
Hyundai started its electric vehicle campaign in India with the launch of the Kona SUV in 2019. At the time, it was one of the first foreign brands to come up with an electric car for the Indian market despite the segment being at its early stages. After properly analysing the Indian EV market and factoring in various aspects, the South Korean car manufacturer is said to launch 6 new electric cars across various price points by 2028. It plans on making this possible with its sister brand, Kia Motors where both the companies will share resources and target different kinds of audiences in the market.
Hero Electric
Hero Electric currently holds the topmost position in the electric two-wheeler segment. As it’s been a well-known brand in the industry for over 14 years, consumers have built a sense of faith and trust. This of course goes in hand with the increased awareness of electric vehicles in India. That said, Hero Electric is able to sell thousands of electric two-wheelers every month with record-high sales. It aims to manufacture over 1 million EVs by 2025 whilst expanding its plant and charging stations. Currently, the brand has 2000 charging stations across the country with 20,000 more in the pipeline which will make it much easier for its customers to quickly charge their two-wheelers at various standpoints. Hero Electric’s lineup of e-scooters includes Optima HX, Photon HX, NYX HX, Flash LX and Atria LX. Its sales figure shows the company has sold over 46,260 units of electric scooters in 2021.
Note: This is not a listed company – Nor same as Hero MotoCorp
Ola Electric
Ola Electric Mobility, a division of Ola cabs has taken the market by storm with its Ola S1 and Ola S1 Pro electric scooters. The company’s electric two-wheeler manufacturing takes place in its 500-acre automated factory in the Krishnagiri district of Tamil Nadu. Currently, Ola produces 1000 electric scooters and claims to become the largest two-wheeler brand in the world with an annual production of 10 million units in the coming years. The S1 and S1 Pro e-scooters have been able to gain all the limelight due to the high-end features such as keyless ignition, large boot space, external charging port and loads of smart features accessible via the large LED display. Both these scooters are also able to provide impressive performance outputs.
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Ather Energy
Ather Energy is the maker of India’s first smart electric scooter called S340. Launched in 2016, the scooter brought in never seen features on a two-wheeler such as a capacitive touch screen, user-based profiles and even an app to control various settings of the e-scooter. Being an avid player in the EV space, Ather has managed to build its charging infrastructure across 21+ cities and 220 locations in India, called Ather Grid. It currently manufactures two electric scooters, namely Ather 450X and Ather 450 Plus, with both of them boasting features like reverse assist, a high-end suspension system and tons of smart features such as Bluetooth connectivity and monthly riding stats. Ather Energy has received several investments from Hero MotoCorp in the past couple of years, which itself is a forefront player in the two-wheeler automotive sector.
Mahindra Electric
Mahindra Electric Mobility Limited is the electric vehicle venture under the Mahindra Group. The company has several EVs in its portfolio including commercial, personal and passenger vehicles. Being a prominent player in the automotive sector for a couple of decades just like Tata Motors, Mahindra Electric has made fast progress by quickly understanding the need for electricity-run vehicles and taking action accordingly. Its history can be dated back to 2001 with the launch of the Mahindra Reva, which is considered to be one of the world’s first electric cars that even sold in international markets such as the United Kingdom, Germany, France etc. As of today, apart from building cars such as eVerito, eSupro, Treo Zor and e2o plus, Mahindra Electric also focuses on the manufacturing of batteries and improving the EV infrastructure in the country.
Olectra Greentech
Olectra Greentech is the largest electric bus manufacturer in India. It has bagged several orders from state governments to supply buses for public transport use. Olectra currently enjoys a share of 40 percent in the electric bus market and also plans to produce electric three-wheelers and commercial trucks in its 150-acre manufacturing facility situated in Hyderabad. Touted as pioneers of electric buses in India, Olectra Greentech buses include the K6 E-Bus, K7 E-Bus and K9 E-Bus with all of them boasting great mileage and sheer indoor silence as compared to ICE counterparts.
| Warren Buffett Checklist | Measure |
| Growth | Good |
| Value | Moderate |
| Debt | Good |
| Moat | Good |
Ashok Leyland
Commercial vehicle giant Ashok Leyland has also entered the EV space where it manufactures passenger electric buses. However, just recently it has transferred its EV business to its step-down subsidiary, Switch Mobility Automotive Ltd (SMAL) to focus on its core business of commercial trucks and buses. That said, Ashok Leyland is still a major shareholder of the newly formed subsidiary and will be responsible for making strategic decisions in the company. In its fleet are several passenger buses such as Circuit, Solo, Metrocity and Metrodecker which are even being supplied to foreign cities such as London. The company has received orders and contracts from various state governments to deliver electric buses and commercial vehicles.
| Warren Buffett Checklist | Measure |
| Growth | Moderate |
| Value | Moderate |
| Debt | Bad |
| Moat | Good |
Okinawa
Okinawa is a popular electric two-wheeler brand among youngsters. The Gurugram based company founded in 2015 makes sporty-looking e-scooters that are often associated with speed and performance. As of February 2022, Okinawa held the second position among the top two-wheeler brands in India. It has been able to capture a good chunk of the market share by providing two-wheelers in various price brackets which gives it a competitive edge. It manufactures its vehicles in a plant situated at Bhiwadi, Rajasthan which is responsible for the production and supply of six electric two-wheelers in its portfolio such as Okinawa R30, Ridge Plus, Praise, i-Praise, and OKHI-90 which will directly rival the feature-packed Ola S1 Pro. As for the sales, Okinawa sold a total of 29,945 units in 2021 and in January 2022 alone it has sold 11,536 units of electric two-wheelers.
Tork Motors
Tork Motors is a high-performance electric vehicle and charging infrastructure manufacturing startup based out of Pune, India. Tork Motors is one of the Best Electric Bike [scooter] Manufacturers in India. Backed by a successful racing background and 8 years of groundbreaking research and development, TORK Motors will be launching T6X, a modern urban commuter electric motorcycle in 2019.
The Tork T6X is India’s first electric performance motorcycle. Built on 7 years of exhaustive Research and Development, the T6X comes from a stable of thoroughbreds, having shared the drawing board with an Isle of Man TT, TTXGP finishers. The T6X ushers in a host of never-before features for the smart modern urban commuter, driven by technology poised at the cutting edge. Tork Motors is one of the Top electric vehicle manufacturing companies in India.
Emotion Electric Motors Pvt Ltd.
Surge electric from emotion motors is India’s first geared electric motorcycle. the company is planning to launch its first electric bike in India by 2021. eMotion Motors is set to launch its first Electric Bikes, Surge, Emotion claims it is India’s first geared electric motorcycle. and it could run 450 km in a Single Charge.
Emotion is launching its two variants of the E-bikes is surge 10k and surge 6k. the starting price of Surge electric bikes is 1,30,000 in India.
MG Motors
MG Motor, or Morris Garage, is a British marque known for its sports cars and mini cars. It was founded in 1924 by Cecil Kimber. MG Motors has launched its first electric car ZS EV from Rs 20.99 lakhs to Rs 24.18 lakhs, leading to huge sales to MG Motors. MG Hector, Gluster, ZS EV Sales Cross 5,500 in March 2021 – and this is Highest Ever.
Also, MG always gives complete satisfaction to its customers and along with the price, MG Hector is also worth the money which is an amazing driving experience.
Tunwal E-Bikes
Tunwal E Vehicle has set up state of the art facilities to produce quality E Vehicle. In the span of five years, Tunwal E-Vehicle has hit massive growth. Most importantly, keeping the margins low for the products, the company is heading towards building trust and educating the customers, rather than focusing on the profit.
With a team of 65+ hardworking members, the company at the moment supplies 4000-4500 e-Vehicles on a monthly basis. In the coming days, it envisions to produce 1,00,000+ EVs a month. Tunwal E-Vehicle currently in an expansion phase has plans to expand its wings pan India, thereby reducing the transportation cost for the products.
Kinetic Green Energy & Power Solutions Ltd
Kinetic Green Energy & Power Solutions Ltd is the latest venture from the Kinetic & Firodia Group. Kinetic Green offers a wide range of battery-operated vehicles such as E-Autos, E-Carts and Buggies.
The company continue to lead the way as an innovative and progressive company. Now Kinetic has entered the Battery operated vehicles domain to give “A Better Tomorrow”. These Battery operated vehicles are designed for the future.
The company battery is smart, sophisticated, classy and most importantly sensitive to future requirements. The company battery intrinsic features like zero carbon emission, no noise, no vibration, elegant looks & intelligent ergonomics earn them a favor with modern sensibilities and make them ideal solutions for smart cities.
Lohia Auto
Lohia Auto was founded in the year 2008. Since then, the company has come a long way, launching electric 2 –wheelers and 3-wheelers, as well as diesel 3-wheelers. The company is progressing towards creation of even better modes of transport solutions.
Lohia Auto Industries has been associated with SIAM (Society of Indian Automobile Manufacturers) and is also one of the founder members of SMEV (Society of Manufacturers of Electric Vehicles). It is the only Indian company registered with UNFCCC (United Nations Framework Convention on Climate Change).
Ampere EVs
Ampere Vehicles is currently the third largest two-wheeler EV brand in the country as of February 2022. Founded in 2008, the company was initially into supplying vehicles for the differently-abled on a government contract basis. After years of innovation, it came up with the V60 electric scooter in 2010 and later on introduced indigenized charger and IQ battery. Over the years, it has backed several investments from personalities like Shri Ratan N Tata. It currently has four electric scooters in its fleet namely Magnus EX, Magnus, Zeal EX and Reo Plus all ranging from Rs 45,000 to Rs 80,000. As for sales, the company has managed to sell a total of 4303 units in February 2022.
Menza Motors Pvt Ltd.
Menza Motors Pvt. Ltd. is an Electric Vehicle manufacturing company based in Ahmedabad, India. A Gujrat-based electric Vehicle Manufactures named Menza Motors Lures the EV loves in India with Menza Lucat Electric motorcycle. 84% of these electric Motorcycle parts have been designed and manufactured locally. the company offering free batteries for a lifetime.
Pure EV
The company is in the business of manufacturing electric scooters and motorcycles under the brand “PURE EV” and high-performance Lithium batteries under the brand “PURE Lithium”. The company has set up a dedicated EV and battery manufacturing unit measuring over 1 lakh sqft and having a dedicated facility for R&D for EV powertrain development and testing. PURE is currently one of the leading EV2W brands in India and also having a dominant position in exports to South Asian countries Nepal and Bhutan! The company is focused on building products beloved by the mass consumer and building a trustworthy brand name in EV.
The company management team brings significant experience from academia and the energy industry. Energy storage technology has been a key area of focus since the inception and the Company has developed strong expertise in Lithium battery technology.
Twenty Two Motors Pvt Ltd
Twenty Two Motors has designed an electric scooter named ‘Flow’. Scheduled to be launched in the Auto Expo 2018, the company aims to sell 50,000 units in the first year after its commercially launch. The charging anxiety is not there because one can remove the scooter battery and charge out from 5 Ampere socket. The scooter goes up to 80 km on a single charge. The company has raised $1.6 million in its pre-series A round funding led by Ishwar Singh, CEO, Haryana Industries. Farhaan Shabbir, Former Director of Harley-Davidson, also joined the investment round to strengthen the startup company, he joined as a founding member.
In October 2018, Taiwanese maker of electric two-wheelers – Kymco has announced an investment of USD 65 million in the company over a period of 3 years. The first phase of investment will be USD 15 million. The company will also provide its Kymco name.
BYD olelectic
BYD Auto becomes the most innovative independent national auto brand and leads the field of electric vehicles with unique technologies. In the field of new energy, BYD has developed green products such as solar farm, battery energy storage station, electric vehicle, and LED, etc. It will continue to lead the new energy revolution in the world.
Established in 1995, BYD is a top high-tech enterprise in China specializing in IT, automobile, and new energy.BYD is the largest supplier of rechargeable batteries in the globe, and has the largest market share for Nickel-cadmium batteries, handset Li-ion batteries, cell-phone chargers and keypads worldwide. It also has the second largest market share for cell-phone shells in the globe.
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