Swarajya Logo
Swarajya Logo
Politics States Economy Society Business Culture Infra Defence World Books Ideas Science Technology Heritage Archives Legal Movies Sports
  • Our Views
    Politics States Economy Society Business Culture Infra Defence World Books Ideas Science Technology Heritage Archives Legal Movies Sports
  • Magazine
  • Store

About Swarajya

Swarajya is a publication by Kovai Media Private Limited.

Swarajya - a big tent for liberal right of centre discourse that reaches out, engages and caters to the new India.

editor@swarajyamag.com

Useful Links

  • About Us
  • Subscriptions Support
  • Editorial Philosophy
  • Press Kit
  • Privacy Policy
  • Terms of Use
  • Code of Conduct
  • Plagiarism Policy
  • Refund & Cancellation Policy

Useful Links

  • About Us
  • Subscriptions Support
  • Editorial Philosophy
  • Press Kit
  • Privacy Policy
  • Terms of Use
  • Code of Conduct
  • Plagiarism Policy
  • Refund & Cancellation Policy

Participate

  • Contact Us
  • Write for us
  • Style Guide
  • Jobs

Stay Connected

  • Artboard 2 Copy 6Created with Sketch.
    Artboard 2 Copy 10Created with Sketch.
    Artboard 2 Copy 7Created with Sketch.
    Artboard 2 Copy 9Created with Sketch.
  • Andriod Logo
  • IOS Logo

News Brief

EV Maker Ather Energy Aims To Produce 1 Million Two-Wheelers Per Year As Demand Grows

Bhaswati Guha Majumder Saturday, January 29, 2022 6:41 pm IST
Ather (Pic Via Twitter)
Ather (Pic Via Twitter)
Ather (Pic Via Twitter)
  • Ather Energy, which has Tiger Global and Indian bikemaker Hero MotoCorp as investors, has raised roughly $160 million since its creation in 2013 and is in the process of raising more, says company CEO Tarun Mehta.
  • One of the leading electric scooter makers in India, Ather Energy is soliciting funding to increase yearly output to 1 million two-wheelers over the next three years due to increased demand.

    Tarun Mehta, who is the CEO of Ather Energy, claimed that the company, which has Tiger Global and Indian bikemaker Hero MotoCorp as investors, has raised roughly $160 million since its creation in 2013 and is in the process of raising more.

    "Our plan was to not raise more capital and focus on growing the brand, but the rate of transition to electric and the pace at which the supply chain and capacities need to ramp is way faster than what we thought a year back," Mehta said as reported by Reuters.

    However, even though the CEO didn’t disclose the amount the company plans to raise, a person familiar with the matter reportedly said that Ather is seeking $133 million—Hero has already contributed $56 million to the fund.

    In 2021, sales of electric scooters in India increased by more than fivefold, as high fuel prices prompted purchasers to explore alternatives, while government incentives helped to close the price gap between electric and gasoline versions. In December last year, India also witnessed a significant surge in electric vehicle sales, the majority of which is two-wheelers.

    Despite that, according to the report, electric two-wheelers accounted for only 1 per cent of overall motorcycle and scooter sales in India, which totalled 14.5 million in 2021. As part of its efforts to lower its oil import cost and minimise pollution, the government expects this to reach 40 per cent by 2030.

    It was also reported that Ather is also beefing up its cash reserves in the face of increasing competition from startups like Ola Electric, which recently raised $200 million, as well as India's top two-wheeler manufacturers Hero, Bajaj Auto and TVS, all of which are accelerating their clean mobility plans.

    According to Mehta, by the end of 2022, Ather wants to boost its yearly production capacity from 400,000 to 1 million scooters, install 5,000 fast chargers across India, develop new models, and expand its network to 600 stores. He also believes that the most challenging issue is growing the supply chain and persuading suppliers to invest ahead of time in electronic components such as motors and controllers for India's nascent EV sector.

    Ather's profitability will be delayed by the required investment and expansion rate, which Mehta estimates will take another two years. Currently, the EV maker produces 5,000 electric scooters per month and makes its own lithium-ion battery pack. In 2022, Mehta plans to increase production to 20,000 scooters per month, as a boom in demand is noticed in smaller cities.

    His long-term goal is to invest in companies that help people use more sustainable energy. Additionally, he said that "the next thing that excites me is trucks and buses - it is a low volume but massive energy consumption".

    Tags
    Ather Energy
    Company
    Tarun Mehta
    EV in India
    Ather ev
    Ather scooters
    electric two wheelers

    Comments ↓

    An Appeal...


     

    Dear Reader,

     

    As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

     

    Our business model is you and your subscription.  And in challenging times like these, we need your support now more than ever.

     

    We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

     

    Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

    Get Swarajya in your inbox.


    Magazine


    Swarajya Magazine Cover Image
    Merchandise

    Merchandise


      Politics

      Tamil Nadu Dashboard: DMK MP Uses 'Gaumutra' Jibe In Parliament Speech; CM Stalin Requests Rs 5060 Crore Interim Relief For Cyclone Michaung Damage

      Tamil Nadu Dashboard: DMK MP Uses 'Gaumutra' Jibe In Parliament Speech; CM Stalin Requests Rs 5060 Crore Interim Relief For Cyclone Michaung Damage

      Swarajya Staff
      17m

      "CMs Should Be Informed In Advance": After Nitish Kumar, Mamata Banerjee Commits To Joining Next INDI Alliance Meet

      Nishtha Anushree
      1h

      DMK And Congress Seem Increasingly Untenable In Each Other's Company

      K Balakumar
      3h

      Economy

      India Anticipated To Be Fastest Growing In Next Three Years, Set to Become Third Largest Economy By 2030: S&P

      India Anticipated To Be Fastest Growing In Next Three Years, Set to Become Third Largest Economy By 2030: S&P

      Nishtha Anushree
      1d

      Sensex Surpasses 69,000 For First Time As Investor Confidence Surges Post BJP Sweep In Three States

      Bhuvan Krishna
      1d

      Sensex, Nifty Close At All-Time High After BJP Victories In Three States, Record Surge Of Over 2 Per Cent

      Nishtha Anushree
      2d

      Defence

      On This Day, In 1971, Indian Tanks Rolled Into Pakistan's Heartland At Shakargarh Bulge, Marking The Beginning Of The Fierce Battle Of Basantar

      On This Day, In 1971, Indian Tanks Rolled Into Pakistan's Heartland At Shakargarh Bulge, Marking The Beginning Of The Fierce Battle Of Basantar

      Ujjwal Shrotryia
      3h

      Indian Army's Captain Geetika Koul Becomes First Female Medical Officer To Be Deployed At Siachen — The World's Highest Battlefield

      Swarajya Staff
      3h

      Unknown Gunmen At Work Again: Another LeT Terrorist 'Adnan Ahmed' Close To Hafeez Saeed Shot Dead In Pakistan

      Swarajya Staff
      5h

      World

      Trading On Terror? Study Claims Hamas Made Millions By Short-Selling Ahead Of 7 October Attack

      Trading On Terror? Study Claims Hamas Made Millions By Short-Selling Ahead Of 7 October Attack

      Nayan Dwivedi
      2h

      Forbes Declares Nirmala Sitharaman Most Powerful Woman Of India, Three Other Indians In World's Top 100

      Nishtha Anushree
      3h

      "Quiet Because Women Are Jewish?": Netanyahu Targets International Organisations' Silence Over Hamas Brutalities Against Israelis

      Nishtha Anushree
      4h

      Culture

      'Celebrate At Home': Champat Rai Of Ram Janambhoomi Trust Urges Hindus Not To Visit Ayodhya On 22 January

      'Celebrate At Home': Champat Rai Of Ram Janambhoomi Trust Urges Hindus Not To Visit Ayodhya On 22 January

      Bhuvan Krishna
      1d

      'Animal': Sandeep Reddy Vanga 2 – Liberals 0

      K Balakumar
      4d

      Why The Insidious Anti-Hindu Communalism Of Certain Directors Goes Scot-Free

      Anonymous Contributor
      4d
      States

      infrastructure


      V Bhagya Subhashini
      1

      Tamil Nadu: V O Chidambaranar Port Gets PPPAC's Approval For Rs 7,056 Crore Container Terminal Project

      2 Mins Read
      V Bhagya Subhashini
      2

      Kochi Metro Phase II: Kerala Government Allocates Rs 378.57 Crore For Pink Line

      2 Mins Read
      V Bhagya Subhashini
      3

      Uttarakhand Government To Enforce Stringent Tunnel Construction SOPs Post-Silkyara Incident

      3 Mins Read
      Amit Mishra
      4

      Kerala: Vizhinjam International Seaport Successfully Unloads 10 Container Handling Cranes

      2 Mins Read