Top electric vehicles manufacturers in India


Electric vehicles not only improve the environment but also India’s overall economic health. Climate change & increasing price of crude oil are the major reasons why countries are giving preference to adopt the electric vehicles.

Government has set a goal of 100% electrification by year 2030. There are 10+ major players existing in the 2 wheeler segment, 3-4 in Electric buses, and a few in car manufacturing. Here are top the top electric vehicle manufacturers in India:


Mahindra is the pioneer of EV in the Indian space. Mahindra launched Reva in year 2001, it was India’s first electric car. Over the years Mahindra has its R&D centre in Bengaluru. Mahindra is involved in the manufacture of EVs, battery packs and has partnered with various institutions in order to boost EV charging. Mahindra And Mahindra Limited has 12 directors – Anand Gopal MahindraHaigreve Khaitan, and others.

Operating RevenueOver INR 500 cr
EBITDA 12.21 %
Networth 0.10 %
Debt/Equity Ratio0.21
Return on Equity0.78 %



Tata is one of the biggest automobile manufacturers in India. When it comes to EVs, Tata has focussed on the passenger vehicles and electric buses market in India. Nexon EV, Tigor EV, Nano EV, and the Tiago electric variant in car segment and they manufacture electric buses too. Tata Motors Limited has nine directors – Vedika BhandarkarChandrasekaran Natarajan, and others.

Operating RevenueOver INR 500 cr
EBITDA 0.43 %
Networth 4.66 %
Debt/Equity Ratio1.16
Return on Equity-6.97 %



Hyundai burst into the Indian EV segment with its launch of the Hyundai Kona EV in India. The South Korean global giant in the world of automobiles has stated that Kona was specifically designed to suit Indian operating conditions. One of the USPs of the vehicle is its 452km range on one charge. Hyundai Motor India Limited has ten directors – Tarun GargChoon Hang Park, and others.

Operating RevenueOver INR 500 cr
EBITDA 29.59 %
Networth 9.95 %
Debt/Equity Ratio0.06
Return on Equity17.20 %



Ashok Leyland, the flagship company of Hinduja Group, is the 4th largest bus manufacturer in the world and a market leader for trucks in India. Ashok Leyland designs electric vehicles are specifically designed for Indian conditions, it comes with battery swapping in electric buses. Its electric variants are Circuit, HYBUS, Electric Euro 6 Truck, and announced the iBUS. Ashok Leyland Limited has 11 directors – Sanjay Khatau AsherCanakapalli Bhaktavatasala Rao, and others.

Operating RevenueOver INR 500 cr
EBITDA -54.40 %
Networth -3.95 %
Debt/Equity Ratio0.53
Return on Equity-4.50 %



Olectra Greentech is a pioneer in electric public buses. The company is India’s largest EV bus manufacturer & India’s only manufacturer of tarmac electric buses for airports. The company forms part of the MEIL group. 

Fast charging technology allows the buses to recharge within 2-3 hours. The company has multiple variants which include the K6, K7 and K9 E buses. Olectra Greentech Limited has seven directors – Boppudi ApparaoRajam Laxmi Chilappagari, and others.

Operating RevenueINR 100 cr – 500 cr
EBITDA 129.56 %
Networth 1.68 %
Debt/Equity Ratio0.01
Return on Equity1.64 %