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10 Indian EV Companies to Watch Out for in 2024

December 11, 2023

Table of Contents

    Electric cars have been around for a while, but in the past ten years, there have been many improvements and growing interest in this technology. These top Electric vehicles Companies are essential in reducing pollution.

    Nowadays, electric cars are catching up to traditional cars with internal combustion engines in terms of performance.

    The electric car market is booming, with over 10 million sales in 2022. In just three years, the proportion of electric cars in total sales has grown significantly, from about 4% in 2020 to 14% in 2022. 

    EVs have long been a transformative force for India's auto industry. The EV market is currently worth around USD 5.61 billion in 2023, and it's set to soar to USD 37.70 billion by 2028, with a remarkable CAGR of 46.38% from 2023 to 2028.

    In this article, we will explore the top companies in India. Let's delve into them.

    1. ATUL Auto Limited

    Founded : 1986

    Headquarters : Gujarat, India, India

    ATUL Auto Limited is an Indian firm specializing in the production of three-wheeled commercial vehicles designed for both passenger and cargo transportation. Operating across 21 states, the company boasts a primary network of 200 and a secondary network of 130. 

    They are one of the top EV companies in India, with its extensive reach extending to more than 600 touchpoints globally, encompassing dealerships, sales, service, and spare parts facilities. Their robust distribution network spans most of India, comprising 350 dealerships and service centers.

    Distinguished by its diverse product range, ATUL Auto offers passenger carriers, goods carriers, and specialized vehicles, all renowned for their longevity, dependability, and exceptional fuel efficiency. 

    Notably, the company has witnessed a remarkable three-fold growth in production turnover over the past five years, culminating in an impressive turnover of Rs. 617.51 Crore in the fiscal year 2019-20.

    2. Bajaj Auto Limited

    Founded : 1945

    Headquarters : Pune, Maharashtra, India

    This is one of the top EV companies in India. Founded by Jamnalal Bajaj, Bajaj Auto Limited is a renowned company specializing in the creation, production, and global distribution of two-wheeled vehicles. 

    As one of the prominent manufacturers in the industry, it can be found in more than 75 countries.

    Their product portfolio contains motorcycles, scooters, and innovative three-wheeled vehicles, catering to a diverse spectrum of customers, from those seeking entry-level options to those desiring premium models.

    Bajaj Auto is notably recognized for its high-performance products.

    They have consistently served as a leading choice for customers worldwide. Moreover, their commitment to sustainability and innovation is evident through investments in electric vehicles, with the successful launch of electric scooters and motorcycles in the Indian market.

    3. Electrotherm (India) Limited

    Founded : 1983

    Headquarters : Gujarat, India, India

    Electrotherm (India) Limited is one of the top 10 EV companies in India that specializes in creating, producing, and distributing various engineering products and services.

    They are the first company in India to produce battery-operated two-wheelers, aligning with its core philosophy of "No Engine, No Pollution."

    Their extensive product portfolio covers induction furnaces, electric motorcycles, scooters, and batteries. 

    What sets them apart is their reputation for innovative, environmentally friendly solutions that cater to a broad customer base. 

    4. Hyundai Motor India Ltd.

    Founded : 1996

    Headquarters : Gurugram, Haryana, India

    Hyundai Motor India Ltd. is an Indian subsidiary of the South Korean automotive giant Hyundai Motor Company.

    They produce and sell various cars in India, such as hatchbacks, sedans, SUVs, and electric vehicles. 

    Hyundai focuses on eco-friendly practices to minimize environmental impact and deliver top-notch products and services.

    They produce one of the best EVs in India and have received multiple awards for their contributions to the Indian automotive sector.

    5. JBM Group 

    Founded : 1983

    Headquarters : Gurugram, Haryana, India

    JBM Group is a major Indian firm designing and producing automotive components, including sheet metal parts, assemblies, exhaust systems, and buses. They are known for their innovation and have a significant presence in India, with numerous manufacturing facilities and design centers. 

    Their operations extend to international locations like Mexico, Germany, and the United Kingdom.

    6. Mahindra & Mahindra Limited 

    Founded : 1994

    Headquarters : Bangalore, Karnataka, India

    They are one of the best EVs in India that primarily focuses on electric vehicles and associated products, offering a range of electric cars, three-wheelers, and commercial vehicles.

    They have an extensive distribution network across India, with over 100 dealerships and service centers. 

    Additionally, the company exports its products to nations like Nepal, Bhutan, and Sri Lanka. Mahindra & Mahindra is dedicated to sustainable practices, actively working to minimize their environmental impact and promote eco-friendly initiatives.

    7. Olectra Greentech Limited

    Founded : 2000

    Headquarters : Hyderabad, Telangana, India

    Electra Greentech Limited is focused on creating, making, and delivering electric buses and associated items. Their product lineup comprises electric buses for public transportation, tourism, and corporate use. 

    They have a vast distribution network covering many parts of India, and their electric buses are already in operation in various Indian cities. The company is dedicated to sustainability and has taken steps to minimize its environmental impact and promote eco-friendliness.

    8. TVS Motor Company 

    Founded: 1979

    Headquarters : Chennai, Tamil Nadu, India

    TVS Motor Company is a multinational Indian manufacturer of two-wheelers and three-wheelers. They offer a variety of motorcycles, scooters, and three-wheelers designed for customers across different segments, from basic to high-end. 

    With a network of more than 5,000 dealerships and service centers, they have a global presence. TVS Motor Company has received multiple awards for its contributions to the automotive industry and is dedicated to delivering top-notch products and services to its customers.

    9. Hero Electric Vehicles Pvt. Ltd.

    Founded : 1993

    Headquarters : Gurugram, Haryana, India

    Hero Electric Vehicles Pvt. Ltd. makes and sells electric scooters and motorcycles. Hero Eco Group is a diverse company involved in Electric Vehicles, Exports, Bicycles, Healthcare, and Real Estate. They sell bicycles in over 80 countries and electric bikes in 36 countries. 

    They began their electric two-wheeler business in India in 2000 and introduced battery-fitted bicycles in 2003 and electric scooters in 2007.

    They offer various eco-friendly products to reduce pollution and encourage sustainable travel. They have a broad network with over 500 dealers across India and export their products to countries like Europe, Africa, and the Middle East.

    10. MG Motor India Private Limited

    Founded : 2017

    Headquarters : Gurugram, Haryana, India

    This is a subsidiary of the Chinese multinational automotive manufacturer SAIC Motor Corporation Limited, which produces and markets various vehicles, including SUVs, electric cars, and plug-in hybrids. 

    They are recognized for their creative and high-performing offerings, serving a diverse customer base from budget-conscious to luxury segments. With an extensive presence, they maintain a robust distribution network, with over 220 dealerships and service centers operating across India.


    To summarize, India's car industry is changing, focusing on electric vehicles and environmentally friendly solutions.

    The top EV companies in India we discussed have a strong presence and are committed to quality and eco-friendliness, making the future of transportation in India and beyond more sustainable. 

    With electric cars and a dedication to reducing pollution, they are driving a positive change in the industry. The EV market is growing, and it's an exciting time for Indian cars.