Bernstein prefers Bajaj Auto for its aggressive volume growth and sufficient ICE margins to offset potential losses.
TVS Motors is performing well by leveraging pricing power and defending its scooter market share, Benstein added.
Ola Electric is gaining relevance by leading in volume and profitability with its premium models, the brokerage said.
Ather, with hefty losses even at high prices and no benefit of production-linked incentives, was ranked 4th by the brokerage.
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