A little-known Indian electric two-wheeler company Ather Energy‘s 2026 rally has exceeded that of international automakers like Elon Musk-led Tesla Inc. (NASDAQ:TSLA) and Chinese EV giant BYD Co. Ltd. (OTC:BYDDY) (OTC:BYDDF).
Ather Grew 130% This Year
Ather shares, listed on India’s National Stock Exchange (NSE), grew roughly 130% since the start of the year
The company’s stock currently trades at close to INR 1,717/share (approximately $18). A Bloomberg report stated that asset management firm BlackRock Inc.‘s (NYSE:BLK) BlackRock Global Funds have a stake of under 1% in the company.
The report also pointed to an analysis of 104 EV-related companies conducted, which found that the gauge declined 1% in 2026 due to Tesla and BYD. Nomura Holdings Inc. (NYSE:NMR) analysts cited in the report called Ather “one of the best long-term plays in the two-wheeler segment.”
Ather, founded in 2013 in India’s Bengaluru, manufactures, designs, sells and services electric two-wheelers in the country and also operates a network of EV chargers. Ather has a market capitalization of $7.2 billion and went public in India in 2025.
In contrast, Tesla stock is down more than 18% year-to-date, while BYD’s Hong Kong-listed shares have fallen more than 7% since the start of the year.
Tesla’s Cybercab Launch, BYD’s Overseas Growth
The news comes as Tesla is gearing up to unveil the Cybercab at an event in Austin, Texas, as the company continues to expand its Robotaxi network across the U.S. However, investor Ross Gerber of Gerber Kawasaki thinks that the company’s Robotaxi scale-up may be too late.
EV sales in the U.S. also fell as discounts offered by automakers and dealers shrunk amid the President Donald Trump administration’s anti-EV stance. On the other hand, BYD has recorded increasing growth in overseas markets.
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