India is on the Brink of an EV Revolution

India is buzzing with the electric energy of transformation. From the crowded streets of Mumbai to the tech corridors of Bengaluru, a silent revolution is underway—one that hums rather than roars.

The electric vehicle (EV) movement in India is no longer a distant dream; it’s a fast-approaching reality. With government incentives, rising fuel costs, and growing environmental awareness, the country is poised to become one of the largest EV markets in the world.

Some say the E20 blended Petrol was the final nail in the coffin for Petrol Scooters in India.

Why India Is Ready for an EV Boom

• Government Push: Initiatives like FAME II (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) and state-level subsidies are making EVs more affordable.
• Urban Congestion: EVs offer a cleaner, quieter alternative to traditional vehicles in India’s densely populated cities.
• Startup Culture: India’s vibrant startup ecosystem is fueling innovation in battery tech, charging infrastructure, and vehicle design.
• Climate Goals: With rising pollution levels and global climate commitments, EVs are a strategic necessity.

Secrets to finding a good EV Company in India:

Not all EV makers are created equal. If you’re serious about investing in or buying from a reliable brand, here’s your checklist:

1. Local Battery Manufacturing Does the company make lithium-ion batteries in India? Eg: Battery costs make up nearly 50% of an eScooter’s price. Local production means better pricing and less dependence on imports.
2. Diverse Vehicle Portfolio Do they offer more than two models? A wider range shows maturity and adaptability to different customer needs.
3. Dual Segment Focus Are they making both eScooters and eMotorcycles? Companies that span both segments are more likely to innovate and scale.
4. Speed Variants Do they offer both slow-speed and fast-speed eScooters? This flexibility caters to both budget-conscious buyers and performance seekers.
5. Feature-Rich Touchscreens Is their dashboard smart enough? Look for features like navigation, ride stats, OTA updates, and app integration.
6. Lifetime Sales Leadership Have they outsold their rivals over time? Market dominance is a strong indicator of trust and reliability.
7. Supply Chain Independence Are they dependent on China for batteries or motors? Indigenous sourcing ensures better control and resilience. This would mean in a war like scenario China could easily stop the supply of vital parts.
8. No Petrol Distractions Are they focused solely on EVs? Companies who are not distracted by the falling petrol/diesel vehicle sales … can dedicate full attention to electric innovation.
9. Petrol Sales Decline Are their petrol vehicle sales falling domestically? Since EVs do not require as frequent parts-replacement, service & maintenance – it could affect the profitability of the Dealerships & Service Centers and affect the company in the long term.
10. 500km Range Vehicle Do they offer long-range EVs? A 500km range is the new benchmark for serious players.
11. Which Company’s Stock can double or triple in 10yrs? … that of a Traditional manufacturer… or of a New company?
12. Will E20 Petrol will be good for the sales of Petrol 2Wheelers? The rollout of E20 petrol in India—a blend of 20% ethanol and 80% gasoline—has sparked mixed reactions that could influence two-wheeler sales. While newer petrol two-wheelers manufactured after April 2023 are E20-compatible, many older models face reduced fuel efficiency, engine wear, and potential warranty issues when using E202. This has led to growing consumer frustration, especially among cost-conscious riders who rely on mileage and low maintenance. As a result, some buyers may be discouraged from purchasing petrol two-wheelers and instead consider electric alternatives, which offer lower running costs and are unaffected by fuel quality concerns.
13. Who will will in a technology struggle? – an existing cash rich company or a new company? In a technology struggle, an existing cash-rich company holds advantages due to its financial resources, established infrastructure, and market presence, which can help it scale innovations quickly and absorb risks. But, these companies often face internal inertia, legacy systems, and slower decision-making processes that can hinder radical innovation. New companies, while resource-constrained, tend to be more agile, focused, and willing to challenge norms, giving them an edge in disruptive environments. If the technological shift is incremental, incumbents usually prevail BUT if the TECHNOLOGY CHANGE is TRANSFORMATIVE, nimble startups often lead the charge.
14. Last and Final… What sells more in India? … Cars or 2Wheelers?

Top EV Companies in India

(The companies above and below are listed in a random order and not according to potential or rank)

1. Tata Motors (Electric Car, SUV) – Listed on Indian Stock Market

• Flagship EVs: Nexon EV, Tigor EV, Punch EV
• Known for: Reliability, wide service network, and aggressive pricing
• Makes the cheapest car to the most expensive car… and most type of trucks and buses
• From October 2025 its Commercial & Passenger vehicles will be split into CV and PV stocks.

2. Ather Energy (2Wheeler) – Listed on Indian Stock Market

• Flagship EVs: Ather 450X, 450S, Rizta
• Known for: Smart scooters with touchscreen dashboards and OTA updates
• Plans to launch eMotorCycle.
• Showcased futuristic concept electric MotorCycle called Redux

3. Ola Electric (2Wheeler, 3Wheeler, Small Car) – Listed on Indian Stock Market

• Flagship EVs: Ola S1, S1 Pro
• Known for: High-performance scooters and ambitious plans for EV manufacturing
• Li-Ion Battery Manufacturing
• Already manufactures both eScooters and eMotorcycles.
• Has already showcased slow speed Gig eScooter & Z-Series eScooters.
• Has plans to make Electric Auto Rickshaw and 3W pickup..
• Plans to launch 500kms bike.
• Showcased futuristic Concept vehicle called DimondHead super bike with 0-100kmph in just 2 secs… self balancing and even capable to self drive.
• Has plans to make small electric car.

4. Mahindra Electric (Electric SUVs, 3W Auto Rickshaws) – Listed on Indian Stock Market

• Flagship EVs: eVerito, XUV400 EV
• Known for: Early entry into the EV space and strong R&D capabilities
• Also Makes Tractors & Electric 3Wheelers

5. BYD India (Electric Cars) – Not Listed on Indian Stock Market

• Flagship EVs: BYD Atto 3, e6
• Known for: Global expertise in battery tech and premium electric cars

6. HeroMotorCorp (2Wheeler) – Listed on Indian Stock Market

• Flagship EV: VIDA VX2 Plus
• Vida – Only Electric eScooter in Indian market with removable batteries till date.
• Known for: Splendor & HF Deluxe Bikes

7. TVS Motor Company (2Wheeler & 3W Auto Rickshaw) – Listed on Indian Stock Market

• Flagship EVs: TVS iQube
• Known for: Jupiter Scooter and Apache Bikes

8. MG Motor India (Electric Cars) – Not listed on Indian Stock Market

• Flagship EVs: MG ZS EV, Comet EV
• Known for: Stylish design and feature-rich electric cars

9. Simple Energy (2Wheeler) – Planning for IPO in 2027

• Flagship EVs: Simple One
• Known for: High range scooters and futuristic design

10. Bounce Infinity (2Wheeler) – No IPO Timeline

• Flagship EVs: Bounce Infinity E1
• Known for: Battery swapping model and flexible ownership options
• The ONE and ONLY 2Wheeler in India with a battery swapping model.
• Sun Mobility swapping stations. Sun Mobility is led by Chetan Maini… the man who pioneered India’s first Electric Car revolution with Reva Car much before Tesla was even incorporated. Chetan sold his much-in-demand Reva Car to Mahindra just before EV revolution took off in India. Reva Car was famous for its top of the line door step service & maintenance in the 1990s and Mahindra just couldn’t match the quality and service of Reva Car… to such an extent… that almost all of the existing customers were frustrated with Mahindra.
• Sun Mobility is not the parent company of Bounce Infinity, but it plays a crucial role in powering its electric scooters. Bounce Infinity, an Indian EV startup, has partnered with Sun Mobility to deploy 30,000 electric scooters across major cities like Bangalore, Hyderabad, Mumbai, Pune, and Delhi NCR. These scooters use Sun Mobility’s battery-swapping infrastructure, which includes over 600 swap stations across 19 cities, enabling users to swap batteries instantly instead of waiting for charging

11. River Indie (2Wheeler) – No IPO Timeline

Among the small manufacturer … The River Indi electric scooter stands out… it is a bold new entrant in India’s urban mobility scene, designed to blend practicality with style. Developed by Bengaluru-based startup River, the Indi stands out with its rugged, SUV-inspired design, offering wide footboards, ample storage (43 liters under-seat + 12 liters in glovebox), and a powerful 4kWh battery that delivers up to 120 km of real-world range.

It’s built for city riders who want more than just a sleek look—Indi promises comfort, utility, and performance, all wrapped in a futuristic package. With features like LED lighting, a digital dashboard, and fast-charging capability, River Indi is redefining what an electric scooter can be for the Indian commuter.

12. Maruti Suzuki (Electric Cars/SUV) – Listed on Indian Stock Market

Maruti Suzuki is gearing up to enter India’s electric vehicle market with its first all-electric SUV, the eVitara. The best thing about Maruti is that it understand Indian market very well. Although Maruti owns almost 40% market share in ICE Car sales… it will not be so easy in Electric Vehicles.

13. Bajaj Auto (2Wheeler, 4WQute and 3W Auto Rickshaw)

• Flagship EVs: Chetak
• Known for: Pulsar & Avenger

The Road Ahead

India’s EV journey is just beginning. With over 2 million EVs already on the road and charging infrastructure expanding rapidly, the next few years will be pivotal.

Companies are not just selling vehicles—they’re building ecosystems. From battery recycling to solar-powered charging stations, the future is electric and sustainable.

We at PluginCaroo often emphasizes, the EV revolution isn’t just about vehicles—it’s about going smart, sustainable, and scalable. about changing the way we move, live, and breathe… and ABOVE ALL… by INVESTING IN IT.

So whether you’re a tech enthusiast, an eco-warrior, a Stock Market investor or just someone tired of fuel bills, now is the time to plug in and power up.

Knowing how to spot the right companies… at the right time… could make a HUGE difference.

What matters most is… if you can hold the stocks for a long time… 10yrs at least… if not a lifetime.