Ather Energy, a distinguished purveyor of electric two-wheel conveyances, stands poised to augment its manufacturing prowess through the establishment of a nascent production edifice. As recently chronicled by The Hindu Businessline, Ravneet Phokela, the Chief Business Custodian at Ather Energy, has unveiled the company’s aspirations. Although the precise locale for this prospective manufacturing citadel remains subject to deliberation, one aspect remains incontrovertible – it shall be situated beyond the bounds of Tamil Nadu, the precinct where the conglomerate’s extant manufacturing citadel is presently ensconced.
Capacity Expansion for Ather Energy
In the wake of the full-scale operation of both production facilities, Ather Energy sets its sights on achieving an impressive annual manufacturing capacity of 420,000 units, as elucidated in the published report. Concurrently, the corporation actively immerses itself in the innovation of novel products, with the overarching goal of bolstering its market footprint within the Indian landscape.
Global Ambitions on the Horizon
In addition to its domestic expansion endeavors, Ather Energy is embarking upon a global foray. Despite its substantial presence in the Indian electric two-wheeler sector, the corporation is on the brink of orchestrating its inaugural international venture in the foreseeable future, as per the report by Hindu Businessline.
Targeted Global Markets
The newspaper has recently unveiled an in-depth examination carried out by Ather Energy, in which the company has meticulously scrutinized overseas markets. In this comprehensive analysis, Ather Energy has pinpointed significant demand in three pivotal regions: Southeast Asia, Latin America, and Europe. This revelation underscores the company’s strategic vision to expand its presence and tap into the burgeoning opportunities in these geographically diverse yet promising markets.
In financial terms, Ather Energy experienced remarkable growth in revenue from operations during FY23, surpassing 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. These financial figures were disclosed in the company’s annual statements submitted to the Registrar of Companies (RoC), as reported by Hindu Businessline.
A Leading Player in India’s Electric Vehicle Sector
Situated at its headquarters in Bengaluru, Ather Energy stands as a prominent contender within India’s burgeoning electric vehicle manufacturing realm. Remarkable adversaries within this sphere encompass Ola Electric, Bajaj, and TVS. Collectively, these four enterprises wield dominion over approximately 80 percent of the market pie concerning electric two-wheelers in India, with Ather Energy’s contribution to this segment estimated at a substantial 13 to 15 percent.