Delhi EV Policy 2.0: Tata Motors, M&M, Ather set to gain; Royal Enfield, Hero exposed
Delhi's EV Policy 2.0 mandates a phased shift to electric 2W/3W from 2027-28, backed by Rs 15,000 crore in incentives (Rs 7,000 cr purchase, Rs 8,000 cr charging). Brokerages flag Tata Motors, M&M and Ather as key beneficiaries given high EV mix, while ICE-heavy Royal Enfield and Hero MotoCorp look vulnerable.
What happened
Delhi EV Policy 2.0 mandates phased transition to electric 2W/3W from 2027-28, with Rs 15,000 crore in incentives. Brokerages flag Tata Motors, M&M, Ather as
Key facts
- EVs 31% of M&M PV sales in Delhi FY27 YTD
- TMPV EV mix 14% FY26 to 22% FY27 YTD
- TMCV 5.5% EV LCV mix
- Rs 15,000 crore investment FY27-30
- Rs 7,000 crore purchase incentives
- Rs 8,000 crore charging infra
Why this matters
The Rs 8,000 cr charging incentive opens partnership and acquisition opportunities in charging infrastructure and EV 2W/3W platforms, especially for laggards needing to close the electric gap before phased mandates bite.
What to watch
- Official gazette notification with binding timelines and fleet-share mandates
- Ather/Ola/Bajaj/TVS monthly Delhi 2W EV registration data
- Eicher and Hero EV launch announcements or capex guidance
- Charging incentive disbursement pace and grid-readiness updates
- Other states signaling similar EV policy adoption
- Brokerages upgrade EV-heavy OEM estimates (Tata Motors, M&M, Ather) on volume/share assumptions
- Hero MotoCorp and Royal Enfield (Eicher) accelerate EV launch roadmaps and PR around electric pipelines
- Charging infrastructure players and CPO/battery suppliers see order-flow interest
- Dealer and ICE-OEM bodies seek timeline clarifications and incentive parity