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Mirae Asset has launched its Nifty EV and New Age Automotive ETF with a well constructed index that truly captures the entire spectrum of opportunities in the electric vehicle ecosystem, starting from upstream chemical and mining companies that produce essential raw materials to component manufacturers, to tech providers and finally the EV automobile manufacturers.
EV adoption in India is still in its infancy compared to some developed countries as well as China. Supportive policy thrust is playing a key role in catalyzing growth.
We however need more EV infrastructure like charging stations and perhaps a lower price point of electric vehicles to give a greater push to EV adoption in India.
This new EF focused index has underperformed the auto index since CY22 – Umeshkumar says this is due to the rather lop-sided construct of the auto index where 3 large OEMs account for over 40% of the index and auto ancillaries get consequently crowded out. The new EF focused index is a lot more balanced and should therefore deliver better long term results.
The EV theme’s relative nascent stage in India presents an interesting investment opportunity for investors who believe India is on its way to catch up with the global EV push.
