 "Ather Energy")
Ather Energy, a manufacturer of electric two-wheelers, is planning to bolster its production capabilities with the addition of a new manufacturing facility, according to a report in Hindu Businessline. Ravneet Phokela, Chief Business Officer of Ather Energy, told Hindu Businessline that while the location for the new facility is still under consideration, it will definitely be situated outside the state of Tamil Nadu, where the company's current plant is located.
Once both facilities are operational, Ather Energy will have the capability to produce 420,000 units annually, the newspaper reported. Alongside the new manufacturing site, the company is also in the process of developing new products to capture a greater market share in India.
In addition to domestic expansion, Ather Energy is exploring opportunities for global outreach. Despite its considerable footprint in India's electric two-wheeler market, the company is expected to make its international debut shortly, according to the Hindu Businessline report.
Based on conversations with company officials, the newspaper stated that Ather Energy has conducted an extensive analysis of overseas markets and found significant demand in three key regions: Southeast Asia, Latin America, and Europe.
In financial terms, Ather Energy saw its revenue from operations in FY23 grow more than fourfold, reaching Rs 1,738 crore, up from Rs 408 crore in FY22. However, the company also reported a loss of Rs 864.5 crore in FY23, compared to a loss of Rs 344.1 crore 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.
Based in Bengaluru, Ather Energy is a leading player in India's electric vehicle manufacturing sector, which also includes other significant names like Ola Electric, Bajaj, and TVS. Collectively, these four companies hold approximately 80 per cent of the market share for electric two-wheelers in India, with Ather Energy accounting for about 13 to 15 per cent of this market share.
