Globally, the electric vehicle (EV) story is hitting some roadblocks, with price cuts in China and policy uncertainty in the US. In India, Sandip notes that no company is a pure EV play yet, and most aren’t trading at premium valuations. Still, given the slowdown, a reset in expectations is warranted. He highlights Mahindra & Mahindra (M&M) as a well-positioned player with strong presence across ICE vehicles, EVs, and farm equipment. Among two-wheelers, Bajaj Auto stands out for its attractive valuation, recovery potential in domestic markets, and upside from its stake in KTM.
