{"id":2456,"date":"2021-06-14T18:30:00","date_gmt":"2021-06-14T18:30:00","guid":{"rendered":""},"modified":"2025-12-31T18:27:16","modified_gmt":"2025-12-31T12:57:16","slug":"top-ev-stocks-in-india","status":"publish","type":"post","link":"https:\/\/www.equentis.com\/blog\/top-ev-stocks-in-india\/","title":{"rendered":"Electric Vehicles, the Future of Mobility – Top EV Stocks in India"},"content":{"rendered":"
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Electric Vehicles or EVs, as they are commonly called, are vehicles that run on electric power, either partly or fully. EVs are environment-friendly and have low running costs due to lesser moving parts. <\/span><\/p>\n\n\n\n

As the chants for electrification get louder and louder across the world, it makes sense to examine the topic a bit more closely. We shall see what is the EV situation in India and globally. <\/span><\/p>\n\n\n\n

Vehicle electrification: A brief history<\/span><\/strong><\/p>\n\n\n\n

The concept of EVs is older than International Combustion Engines (ICEs). Scottish inventor Robert Anderson created the first electric carriage in the 1830s. Its battery was not rechargeable and required replacement every time it ran out. However, electric-powered vehicles continued to be in use in the USA and some parts of Europe. New York had a fleet of electric taxis in the 19th<\/sup> century and battery swapping stations. <\/span><\/p>\n\n\n\n

With the advent of ICEs, a major roadblock of frequent battery charging\/swapping was removed and ICEs gained popularity the world over. Thereafter, there was sporadic research on EVs whenever crude oil flared or geo-political tensions mounted. However, for a large part, ICEs rule the roost.<\/span><\/span><\/p>\n\n\n\n

It was not until the turn of the century that EV development found serious interest from companies and Governments. Companies such as Toyota (Prius), Nissan (LEAF), and Tesla (Model S) took the EV chapter ahead and \u201cglamorized\u201d EVs. Here\u2019s a look at the EV evolution:<\/span><\/p>\n\n\n\n

Advantage EVs<\/strong><\/span><\/p>\n\n\n\n

So why has the world started looking at EVs as the technology of the future? Aren\u2019t we happy driving petrol\/diesel-driven vehicles? Following are some reasons:<\/span><\/p>\n\n\n\n

Reduces climate change<\/strong> <\/span><\/p>\n\n\n\n

Effects of fossil fuels such as global<\/a> warming, mass extinction of species, and growing weather calamities have forced lawmakers across the globe to look at cleaner alternatives<\/span><\/p>\n\n\n\n

Lowers import bill<\/strong><\/span><\/p>\n\n\n\n

Countries such as India don’t have any significant crude reserves and have to import fossil fuel for their energy requirements. India incurred a crude import bill of $101bn in FY20 requiring to import 82% of its total crude needs. Hence, there is growing interest in technologies that look away from crude oil dependency \u2013 electric vehicles being one of them.<\/span><\/p>\n\n\n\n

Reduces pollution levels<\/strong><\/span><\/p>\n\n\n\n

According to WHO, India is home to 14 of the world\u2019s 20 most polluted cities. A major reason for high pollution levels is fuel emissions. <\/span><\/p>\n\n\n\n

Advancing renewable energy<\/a> technology<\/strong>
Over the past few years, strong advancements in wind and solar energy have brought down the cost of these forms of energy. This has stirred interest in EVs.<\/span><\/p>\n\n\n\n

Low maintenance<\/strong>
While an IC vehicle has hundreds of moving parts, an EV has less than 30. This means less wear and tear and a low cost of ownership. <\/span><\/p>\n\n\n\n

Quieter operation<\/strong>
EVs make much lower noise compared to conventional vehicles since there\u2019s lower friction between moving parts. In fact, EVs are so silent that some OEMs add false sounds to make them safe for pedestrians!<\/span><\/p>\n\n\n\n

Incentives for buyers<\/strong>
Governments in India (State and Central) are looking at ways to incentivize buyers to go in for EVs. They are offering lower vehicle tax<\/a>, tax incentives, buyback<\/span><\/p>\n\n\n\n

India\u2019s EV Policy<\/strong><\/span><\/p>\n\n\n\n

The NITI Aayog, India\u2019s policy think-tank, has given several suggestions to the Government of India for EVs. Accordingly, the following policy has been enacted:<\/span><\/p>\n\n\n\n