Samvardhana Motherson is the EV success story no one’s talking about

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Editor's note: In the last two days, I have had long discussions with a couple of auto analysts on what could be identified as early success stories among listed Indian companies in the electric vehicles space. The names that came up repeatedly during the conversations were, of course, those of Tata Motors and TVS Motor Co. The former, because it has sold the most electric four-wheelers in the country, and the Chennai-based two-wheeler maker because it has made it to the top five in EV sales within months of launching its iQube scooter.  Tata Motors’s best-selling Nexon EV has a 5-6 month wait time after a booking is made and TVS is selling all the electric scooters that it can produce. Since December 2020, when Tata Motors started pushing its EV, the stock has more than doubled—going from Rs 175 to the current Rs 420. The TVS Motor stock is also a hit, rising 40% since it launched the iQube in May-June.  That said, I’m not comfortable calling Tata Motors and TVS Motor’s electric businesses success stories just yet. One, because we …