EV-maker Ather Energy eyes global markets with new manufacturing facility
Ather Energy, a Bengaluru-based electric two-wheeler manufacturer, is prepping for its international debut in key markets such as Southeast Asia, Latin America, and Europe, reported the Business Line. The company has spotted a significant demand for electric two-wheelers in these regions and plans to seize this opportunity. "We might make an announcement as early as the next couple of months for the first (international) market," said Ravneet Phokela, Chief Business Officer of Ather Energy.
Ather Energy to set up new manufacturing facility
Ather Energy is also gearing up to establish a new manufacturing facility to boost its production capacity. Currently in talks with several state governments, the company aims to finalize a location outside of Tamil Nadu, where its existing plant resides. Once both facilities are up and running, Ather's combined annual production capacity is expected to hit 4,20,000 units, per Phokela.
Ather Energy secured Rs. 900 crore funding
In FY23, Ather Energy saw its revenue jump to Rs. 1,783 crore from Rs. 408 crore in FY22. However, the company also faced a loss of Rs. 864.5 crore in FY23 compared to Rs. 344.1 crore in FY22. Ather Energy has also secured Rs. 900 crore in funding from investors like Hero MotoCorp and GIC. These funds will be used for launching new products, expanding charging infrastructure, and growing the retail network across India.
Ather Energy also focusing on domestic expansions
Currently operating in 100 cities with around 150 experience centers throughout India, Ather Energy plans to extend its reach to 130-150 cities and set up 180 experience centers by the end of this fiscal year. The company competes with major players in India's electric two-wheeler market, such as Ola Electric, Bajaj, and TVS. Together, these four companies control 80% of the market share in this segment. Ather Energy alone enjoys a 13-15% market share.
