The Indian electric vehicle market has seen increasing figures in the last few years. So much so that, many local makers have already shifted and are shifting to the EV sector in the country. Ather, which is currently India’s top electric scooter maker, has already captured a big chunk of the market. Now, as per new reports, the company is planning to increase its production to 1 million EVs a year, thanks to the increasing demand.
The electric vehicle demand has soared in the last few years, however, it still captures only 1% of the total Indian motorbike and scooter market. However, because fuel costs have surged and purchasers see no significant long-term pricing differences between an EV and a gasoline vehicle, the sector is projected to experience continuous expansion, with EVs soon dominating the motorbike and scooter market.
Considering this factor, Ather’s CEO Tarun Mehta has aimed to ramp up EV production. Mehta plans to increase the company’s annual production to 1 million scooters. This will be way higher than the current production of 400,000. The company also aims to install 5,000 fast chargers across the streets of India and set up over 600 stores in the country.
Evidently, for ramping the production and gearing for more EV infrastructure, the company needs more funds. As of now, the company has raised Rs. 1,200 crores ever since its emergence back in 2013. The major investors were HeroMotoCorp and Tiger Global.
This time around, Mehta aims to raise way more funding, but unfortunately, he hasn’t revealed the exact figures needed. However, rumors have it that Ather plans to raise a total of $133 million. Out of which, it has already raised $56 million(Rs. 420 crores) so far from Hero MotoCorp.
Apart from electric scooters, Mehta is also interested in other commercial vehicles. He said, “The next thing that excites me is trucks and buses – it is low volume but massive energy consumption.”
Does that mean we’ll also see other electric vehicles from Ather? What do you think? Tell us in the comments.
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