4 EV Stocks with Aggressive Expansion Plans

#2 Hero MotoCorp

Next on the list is Hero MotoCorp.

Hero MotoCorp, the world's largest manufacturer of motorcycles and scooters for 24 consecutive years, is steadily advancing its transition toward electric mobility.

The company is manufacturing advanced battery packs and Vida electric scooters at its state-of-the-art facility in Sri City, Andhra Pradesh, strengthening its presence in the EV segment.

As per its CEO Harshavardhan Chitale, the company has outlined significant capacity expansion and investment plans.

In addition, Hero MotoCorp is investing over Rs 7 bn in setting up a second global parts centre in South India. This facility will support the expansion of its parts and accessories business and enhance its global supply capabilities.

Going forward, Hero MotoCorp is focusing on scaling its EV business. The company expects a ramp-up in capacity by FY27, supported by investments in manufacturing and distribution.

In the EV space:

• The company is close to completing an EV capacity expansion, which will increase output by around 50% compared to the previous quarter.

• It has already scaled EV capacity from 15,000 to 25,000 units and plans to further double this capacity before the end of the year, with another round of expansion underway in the following quarters.

For more details, see the HERO MOTOCORP company fact sheet and quarterly results.

#3 Ather Energy

Next on the list is Ather Energy.

Ather Energy is a leading Indian electric two-wheeler manufacturer headquartered in Bengaluru. Founded in 2013 by IIT Madras graduates Tarun Mehta and Swapnil Jain, the company is known for pioneering India's smart EV segment.

Ather designs and builds electric scooters, battery packs, and software in-house.

Going forward, the company has outlined an aggressive expansion plan:

• Launch of the new EL scooter platform later this year, featuring advanced technologies such as Ather Charge Drive Controller and Advanced Electronic Braking System (AEBS)

• EL platform designed to improve cost efficiency through steel frames, simplified transmission systems, and better localisation levels

• Expansion into the Rs 1-1.25 lakh electric scooter segment, while continuing to strengthen its premium and mass-premium portfolio

• Expansion of manufacturing footprint through Factory 3.0 at Chhatrapati Sambhajinagar, Maharashtra, with Phase 1 expected to commence production by Q3 FY27

• Factory 3.0 to add annual production capacity of 0.5 m electric two-wheelers in Phase 1, with total installed capacity expected to reach 1.42 m units after completion of both phases

• Management expects the EL platform and Factory 3.0 to emerge as major growth drivers for FY27 and FY28

#4 Amara Raj Energy & Mobility

Last on the list is Amara Raj Energy & Mobility.

Amara Raja Energy & Mobility (ARE&M), formerly known as Amara Raja Batteries Limited, is one of India's leading manufacturers of automotive batteries and allied products, and has been steadily expanding its presence in the lithium-ion ecosystem.

Its portfolio now includes Li-ion cells, battery packs, and charging solutions catering to light electric vehicles and the telecom sector, with offerings aligned to support next-generation mobility and industrial energy needs.

It's already supplying lithium battery packs to several OEMs across these segments, using both LFP (Lithium Iron Phosphate) and NMC (Nickel Manganese Cobalt) chemistries.

At the same time, the company is working on strengthening its capabilities further through its subsidiary, Amara Raja Advanced Cell Technologies, which is leading its push into cell manufacturing.

Going forward, the company has laid out an aggressive expansion roadmap focused on EV batteries:

• It aims to commence bulk production of lithium-ion cells by 2027, which could place it among the few companies in India with large-scale domestic cell manufacturing capabilities

• Amara Raja is also expanding its energy storage business, with plans to scale capacity from over 1 GWh to 2 GWh in the near term

• The company had earlier announced an investment of around Rs 95 bn over a 10-year period to strengthen its lithium-ion battery research and manufacturing capabilities

• On the battery pack assembly side, the company plans to expand into newer mobility applications while building a broader OEM customer base

• On the cell manufacturing front, it's setting up a giga cell plant with a planned capacity of 16 GWh by FY30.

For more details, see the AMARA RAJA ENERGY & MOBILITY fact sheet and quarterly results.

Conclusion

India's electric vehicle (EV) story is clearly gaining momentum. As per the India Brand Equity Foundation, the sector is witnessing strong growth driven by government incentives, rising environmental awareness, improving charging infrastructure, and technological advancements.

Policy initiatives such as the FAME scheme and the government's Make in India push are further accelerating domestic EV manufacturing across the value chain.

Looking ahead, India has set ambitious targets for 2030, aiming for EVs to account for 30% of private cars, 70% of commercial vehicles, 40% of buses, and 80% of two and three-wheelers. This could translate into nearly 80 m EVs on Indian roads over the coming years.

Against this backdrop, companies with aggressive EV expansion plans, rising manufacturing capacities, strong localisation strategies, and investments across batteries, charging infrastructure, and new product development could remain key stocks to watch.

Happy investing.

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