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Ather Energy to invest Rs 635 cr in next five years at TN facility

The firm is looking to scale up production

Topics
Ather Energy | Tamil Nadu | Electric Vehicles

Press Trust of India  |  New Delhi 

Ather Energy
Ather Energy

Hero MotoCorp-backed electric two-wheeler maker on Friday said it would invest Rs 635 crore in the next five years at its manufacturing facility in to scale up production.

The company, which began operations from the factory in Hosur, from January 2 this year, has achieved 90 per cent localisation of parts, including battery pack which is made in-house, said in a statement.

The plant has an annual capacity of 1.1 lakh scooters and 1.2 lakh battery packs.

"It's been a great journey for us so far, and the opening of this facility is truly a milestone for Ather. The consumer demand has increased by multiple folds, and with us expanding to new markets, this state-of-the-art facility will cater to demand across the country," Chief Executive Officer and Co-founder Tarun Mehta said.

Apart from the EV manufacturing, the facility will also focus on lithium-ion battery manufacturing, which is a crucial area of focus for Ather Energy going ahead, the company said, adding it has earmarked "investment of Rs 635 crore over next five years".

"The investment is an opportunity for value creation in the sector and will create job opportunities in the region. As a part of this initiative, more than 4,000 employees will be trained in requisite skills in the EV sector over the next five years," it added.

The electric two-wheeler maker said since starting operations at its Hosur plant, it has begun deliveries in Mumbai, Pune, Ahmedabad, Bengaluru, Chennai, and Hyderabad, and more deliveries are planned in a phased manner across 21 other cities by the first quarter.

Currently, it has a presence across 27 cities, including Bengaluru, Chennai, Mumbai, Pune, Delhi, Hyderabad, Kochi, and Kolkata, in 15 states. It is likely to expand to 40 cities by the end of 2021, the company added.

Ather Energy currently sells electric scooters 450X and 450 Plus, which are designed in Bengaluru.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Fri, February 12 2021. 19:58 IST
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