Ather Energy Ltd. shares have risen roughly 130% in 2026 to about 1,717 rupees, or approximately $18, outperforming Tesla and BYD as the broader electric-vehicle market struggles. A Bloomberg gauge of 104 EV-related companies fell 1% this year, weighed by declines of more than 18% in Tesla and more than 7% in BYD’s Hong Kong-listed shares. BlackRock Global Funds holds less than 1% of Ather, while Nomura analysts describe the company as one of the best long-term plays in the two-wheeler segment. Founded in Bengaluru in 2013, Ather designs, manufactures and services electric two-wheelers, operates an EV-charging network and has a market capitalization of $7.2 billion. The company went public in India in 2025 and has gained 440% since listing. Analysts project its market share could rise to 26% by fiscal 2028 from 17% at the end of March, helped by new products and internally developed technology. Tesla is preparing to unveil its Cybercab in Austin, Texas, while expanding its U.S. Robotaxi network; investor Ross Gerber has said the scale-up may be too late. U.S. EV sales have also weakened as discounts narrowed amid the President Donald Trump administration’s anti-EV stance, while BYD continues to expand overseas.