Top Electric Two-Wheeler Stocks to Watch in India
Top Electric Two-Wheeler Stocks to Watch in India

Top Electric Two-Wheeler Stocks to Watch in India

April 4, 2024
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In recent years, the popularity of electric vehicles (EVs) has soared, driven by their cleaner and more efficient operation than traditional gasoline cars. Thanks to significant advancements in battery technology and the proliferation of charging infrastructure, EVs have transitioned from niche products to mainstream transportation solutions. This evolution has been further propelled by a global movement towards sustainability, with governments worldwide actively supporting renewable energy initiatives and incentivizing the adoption of EVs.

As a result, the demand for EV stocks has surged, with investors increasingly recognizing the immense growth potential within this dynamic sector. Companies involved in EV manufacturing, battery technology, charging infrastructure, and related services have become focal points for investment, as they stand to benefit from the expanding EV market. Moreover, the continuous innovation and ongoing research and development efforts in the EV industry promise to unlock even greater opportunities for investors in the years to come.

So, in this article, we will cover the Top  Two- Wheeler Electric Vehicle (EV) Stocks in India.  


On March 3, 2022, Hero MotoCorp stepped into the world of battery-powered vehicles by launching a dedicated EV vertical named Vida. The country’s largest two-wheeler manufacturer joined this segment with a brand-new electric scooter–Vida V1, which was indigenously developed and manufactured. So currently Vida V1 is sold in two variants Vida V1 Plus and Vida V1 Pro. In 2022, Hero MotoCorp recorded sales of 182 units, which increased to 11,061 units in 2023. This marked a substantial year-on-year growth of 5977%, reflecting a significant surge in sales performance between the two consecutive years. From January to March 2024 Hero MotoCorp recorded sales of 7,335 units. 

Hero MotoCorp is poised to invest Rs 600 Crore in its expansion plan in Andhra Pradesh.  The company is gearing up to launch three new offerings in the mass market by FY2025.  The company has filed a patent application for a new electric scooter aimed at the B2B segment. CEO Niranjan Gupta has disclosed plans to enhance the Vida product portfolio in FY25 with the introduction of three new models. These will encompass a “mid-priced” scooter, an “economically priced” scooter, and a dedicated B2B model.

Additionally, Hero MotoCorp has teamed up with Ather Energy in a groundbreaking move for India’s EV industry. HeroMotorcorp has invested Rs 550 crore in Ather Energy last year and holds almost 40% stake in the company.  


TVS Motor Company is the third largest two-wheeler manufacturer in India. TVS started its journey in 1962 by manufacturing automotive parts. In 1976, it expanded its operations to include moped manufacturing. Later, in 1989, TVS Motor ventured into the bike manufacturing sector. From then, TVS Motor became one of the most acclaimed companies in India. It stepped its feet into the electric vehicle market in 2022 with the launch of TVS iQube. It has two variants iQube S and ST.  Since its launch until the end of December 2023, the TVS iQube has achieved total sales of 252,676 units in the Indian market, reflecting the significant expansion of the electric two-wheeler segment. Expanding its product portfolio the company further launched TVS X in November 2023.

In 2022, TVS Motor Company recorded sales of 47,185 units, which saw a substantial increase to 166,287 units in 2023. This represents a remarkable year-on-year growth of 252%. The company plans to broaden its electric two-wheeler lineup within the next year to serve customers across various price ranges. Additionally, it is actively working on the development of an electric three-wheeler. The company plans to ramp up the production of its iQube and TVS X  scooters since they are the second best-selling vehicles after Ola Electric. To focus on Global Market expansion, TVS Motor had planned to invest Rs 250 Crore in its newly launched TVS X. 


Bajaj Auto Limited, a company based in Pune was established in 1940sthe. The company is the third-largest manufacturer of motorcycles in the world. The company launched its first electric scooter Chetak in India in January 2020. In December 2021, Bajaj unveiled plans for a ₹300 crore investment to construct an electric vehicle production facility in Pune. The company anticipates that the plant will have the capacity to manufacture 500,000 electric vehicles (EVs) annually, serving both domestic and international markets. Its current portfolio of Chetak Variants includes –  Bajaj Chetak Urbane – Standard, Bajaj Chetak Urbane – Tecpac, Bajaj Chetak Premium – Standard, Bajaj Chetak Premium – Tecpac.

Its Electric Three-wheeler comprises Bajaj RE, Maxima Cargo, and Maxima Cargo XL.  Bajaj Auto recorded sales of 25,315 units in 2022, which surged to 76,627 units in 2023, marking a substantial year-on-year growth of 203%.

Talking about the investment plans of the company, Dinesh Thapar, Chief Financial Officer (CFO) of Bajaj Auto, in an interview with ET AUTO said that the company’s current priority is to expand manufacturing capacities and enhance networks. Bajaj Auto is set to commission a new facility for electric three-wheelers by the end of the current quarter. The company plans to invest approximately INR 400 crore in this initiative until early next fiscal year. The company is focusing on both electric two-wheelers and three-wheelers and plans to expand its products over the next few years. 


Wardwizard’s venture into the EV segment began in 2016 with the introduction of electric bicycles under its Joy e-bike brand, swiftly capturing the attention of the younger demographic. Responding to escalating demand, Wardwizard diversified its product range to include low-speed two-wheelers like Gen Next, Glob, and Wolf, Mihos appealing to a broad spectrum of age groups and eliminating the need for licenses or registrations.

Further bolstering its presence in the EV market, Wardwizard inaugurated a prominent electric two-wheeler manufacturing facility, creating 6,000 job opportunities. Meeting the evolving consumer preferences, Wardwizard introduced Thunderbolt, Hurricane, Beast, and Skyline in January 2021, solidifying its position as a pioneering force in the EV industry and the first BSE-listed company in the sector since 2020, currently boasting a market capitalization of INR 1800 Cr. In February 2024, Wardwizard Innovations recorded sales of 841 units, which increased to 1,019 units in March 2024, representing a month-on-month growth of 21.16%

The company has signed an initial agreement with the Gujarat government to invest Rs 2,000 crore by 2024 in developing an EV ancillary cluster. This investment will focus on various areas, including research and development of electric two- and three-wheelers, establishing a motor assembly unit at the Vadodara manufacturing facility, initiating lithium-ion (li-ion) cell production, and developing ancillaries for raw material manufacturing. The company plans to introduce electric bikes in African countries and expand its scooter range for the domestic market. Additionally, it aims to introduce two new high-speed electric scooters to enrich its product lineup for the domestic market. Furthermore, there are plans underway to expand the company’s range of three-wheelers.

5] Revolt Motors [RattanIndia Enterprise] 

Revolt Motors was founded in the year 2017. RattanIndia Enterprises, a flagship company of RattanIndia Group, acquired Revolt Motors in the year 2023. Following the acquisition, Revolt will be a  100% wholly-owned subsidiary of RattanIndia Enterprises. Currently, Revolt has two high-performance electric motorcycles in its portfolio which are RV400 AND RV400 BRZ. The company introduced India’s first AI-enabled Motorcycle last year. In fiscal year 2022, Revolt Motors recorded sales of 7,639 units, which increased significantly to 12,922 units in fiscal year 2023. This represents a notable year-on-year growth of 69.16% between the two financial years.

The R&D team of Revolt Motors is working behind the scenes on several innovative products catering to the unique preferences of customers in the EV segment. When RattanIndia Enterprises acquired Revolt, the latter had only 25 dealerships. The goal now is to increase that number to nearly 500 within a year. Over the next two to three years, this figure might even exceed 1,000 dealerships across India.


Greaves Cotton, one of the leading engineering companies in India, has several subsidiaries including MLR Auto Limited, Bestways Agencies Limited, and Greaves Electric Mobility Limited. These subsidiaries operate in various sectors and play a significant role in Greaves Cotton’s diversified business portfolio. MLR Auto manufactures L5 category three-wheelers for passenger and commercial use. Its subsidiary, Teja Vehicles, produces BS VI-compliant three-wheelers powered by diesel, CNG, and electric. Its other subsidiary Greaves Electric Mobility Private Limited manufactures Electric two- Wheelers under the brand Ampere which includes scooters like Primus, Zeal X, Reo li Plus, Magnus LT/EX, Ampere Magnus Special, and the upcoming NEX Big Thing. Its second brand is Ele which includes products like ELE E- E-Rickshaw, Ele 1000 i E-Rickshaw, E-Loader, and Ele 5000 SS. Greaves Electric also manufactures Electric Rickshaws which are named Greaves E Pro Cargo, Greaves ELP, Greaves ELC, Eltra City, etc.  In 2022, Greaves Electric Mobility (GEMPL) achieved over 62,000 electric vehicle (EV) sales. In 2023, GEMPL’s Ampere brand electric 2-wheelers recorded over 1 lakh retail sales. 

Ampere Electric, the wholly-owned electric mobility subsidiary of Greaves Cotton Ltd had announced a phased investment potential of INR 700 crore over 10 years to set up a world-class e-mobility manufacturing plant in Ranipet, Tamil Nadu. Greaves Electric Mobility Pvt Ltd had allotted its equity shares to Abdul Latif Jameel, a global investor. Abdul Latif Jameel acquired a 35.80% stake in the company after subscribing to equity shares worth INR 1,171 Crores. Following this transaction, Greaves Cotton Ltd maintained a 61.38% stake in the company.

Further, Greaves Cotton intends to introduce NXG, a high-speed, fully connected scooter soon.  Additionally, the company is in the process of unveiling new electric cargo and passenger vehicles under the Greaves brand in the three-wheeler segment. 


Kinetic Engineering Limited, founded in 1972 by Mr. H.K. Firodia, is the flagship company of the $500 million Firodia Group. It stands as one of the pioneering groups in the Indian automobile industry. Mr. H.K. Firodia,  along with his brother, initiated some of India’s most respected automobile companies, including Kinetic Engineering Limited and Kinetic Honda Motor Company (in collaboration with Honda). Kinetic Green the EV arm of Kinetic Group manufactures Scooters named Zoom, Flex, Zing, Electric three-wheelers named Safar Smart, Super DX, Safar Shakti, and Safar Jumbo Ranger. The company has very recently brought back the iconic Luna in the electric version, named as E- Luna.

In the fiscal year 2023, Kinetic Green recorded sales of 5,572 units. In FY22 the company could not sell a single vehicle but in FY2023 they made good progress. They could manage to get a market share of 0.8% in FY2023. 

Furthermore, KEL plans to raise Rs 40 to 50 Croce to set up an EV subsidiary. KEL expects continued growth momentum, with net profit doubling in Q3 of 2024 compared to the same period last year. The company is particularly optimistic about E-Luna, aiming for an annual business volume of 100,000 units and anticipating a turnover increase of ₹80 crore as a result. This translates to a growth projection of 200-300 percent due to recent initiatives. The company has also set up new firms for EV components named Kinetic Watts& Kinetic Volts


Many companies are in the process of preparing for their IPOs in the electric two-wheeler sector. Ola Electric, for instance, announced its IPO plans last year and is expected to launch it soon. Similarly, Ather Energy has also revealed its intention to go public, with its IPO slated to debut this year. 

The post Top Electric Two-Wheeler Stocks to Watch in India appeared first on E-Vehicleinfo.

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