Bangalore, [09-10-2023] – Ather Energy, a prominent electric two-wheeler manufacturer, is gearing up for substantial growth by adding a state-of-the-art manufacturing facility to its arsenal, as reported by Hindu Businessline. Ravneet Phokela, Chief Business Officer of Ather Energy, shared exciting insights with Hindu Businessline, revealing the company’s strategic move to enhance production capabilities beyond their current base in Tamil Nadu.
While the exact location of the new manufacturing plant is yet to be finalized, it is confirmed that it will be situated outside Tamil Nadu. With both facilities in operation, Ather Energy aims to achieve an impressive annual production capacity of 420,000 units, according to the newspaper. Simultaneously, the company is actively working on innovating new products to capture a larger market share within India.
Beyond domestic expansion, Ather Energy is venturing into the global arena. Despite its already prominent presence in India’s electric two-wheeler market, the company is poised to make its international debut soon, as per Hindu Businessline’s report.
The newspaper, based on interviews with company officials, revealed that Ather Energy conducted extensive market analysis, identifying substantial demand in three key regions: Southeast Asia, Latin America, and Europe.
In financial terms, Ather Energy exhibited remarkable growth in revenue from operations during FY23, surpassing Rs 1,738 crore, compared to Rs 408 crore in FY22. However, the company also reported a loss of Rs 864.5 crore in FY23, an increase from the Rs 344.1 crore loss in FY22. This financial data was disclosed in the company’s annual statements submitted to the Registrar of Companies (RoC), as reported by Hindu Businessline.
Ather Energy, headquartered in Bangalore, stands as a leading force in India’s electric vehicle manufacturing sector. Noteworthy competitors in this sector include Ola Electric, Bajaj, and TVS. Collectively, these four industry giants hold approximately 80 percent of the market share for electric two-wheelers in India, with Ather Energy contributing around 13 to 15 percent of this market share.
About Ather Energy:
Ather Energy is a startup dedicated to crafting and marketing premium electric two-wheelers tailored for the Indian market. Our mission at Ather is to revolutionize perceptions of electric vehicles by creating intelligent, zero-maintenance, high-performance electric vehicles.
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