India’s electric two-wheeler maker Ather Energy Ltd. is beating global EV stocks this year, with analysts pointing to more gains on its growing market share. Ather’s shares have surged nearly 130% so far in 2026 and the rally continues to attract global investors, with BlackRock Global Funds acquiring less than 1% stake via open-market transactions Monday. In contrast, a Bloomberg gauge of 104 companies deriving revenues from EVs is down 1% this year, dragged by players such as Tesla Inc., BYD Co. and Xiaomi Corp. The divergence highlights shifting investor sentiment toward Indian EV makers amid strong domestic demand and policy support.

Ather’s performance stands out as global competitors face slowing growth and margin pressures in key markets.