Ather Energy plans to set up a third manufacturing facility in India
Category: #business  By Pankaj Singh  Date: 2022-06-17
  • share
  • Twitter
  • Facebook
  • LinkedIn
Ather Energy plans to set up a third manufacturing facility in India

Ather Energy, an Indian electric vehicle company backed by Hero MotoCorp, is reportedly in talks with several state governments for building a new manufacturing facility in the country.

According to sources close to the move, the EV firm is in discussions with state government officials of Maharashtra, Gujarat, Andhra Pradesh, Karnataka and Telangana for setting up a new manufacturing plant with an annual capacity of around 1.5 million units.

The company is in the final negotiations and is expected to finalize the location in the coming month. However, upon questioning, the firm's spokesperson refused to comment or provide any detail on the move.

Ather Energy, which currently sells two electric scooters – namely the 450X and the 450 Plus – is planning to look for 100 acres of land parcel for building its third facility in the country.

Currently, Ather has its plant in Hosur, Tamil Nadu, with an existing capacity of 120,000 units per annum.

The capacity is expected to extend further to 400,000 units each year with the upcoming new facility in Hosur, expected to commence later this year.

Furthermore, in May 2022, Ather Energy secured funding of USD 128 million from NIIFL (National Investment and Infrastructure Fund Ltd.'s) SOF (Strategic Opportunities Fund) and Hero Motorcorp with some additional investors.

This funding is planned to be used in expanding the manufacturing facilities, investing in R&D, charging infrastructure and enlarging its retail network.

Hero MotorCorp is an early supporter of Ather Energy and has been associated with its growth strategy since 2016.

The firm currently holds around a 35% stake in electric two-wheeler makers. Furthermore, it informed its highest-ever monthly sales in May, which reached 3,807 units.

The firm marks its presence in 32 cities with 38 experience centers. It aims to own 150 such centers in 100 cities by the end of 2023.

Source Credit - https://energy.economictimes.indiatimes.com/news/power/ather-energy-in-talks-with-various-state-govts-to-set-up-third-manufacturing-plant/92221812?action=profile_completion&utm_source=Mailer&utm_medium=ET_batch&utm_campaign=etenergy_news_2022-06-16&dt=2022-06-16&em=bWF0ZWVuLmRAZ21pbnNpZ2h0cy5jb20=

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Pankaj Singh

Pankaj Singh    

With a commendable experience of content creation under his belt, Pankaj Singh, a qualified Post Graduate in Management, boasts of having worked as a freelance writer and an insurance underwriter. Additionally, Pankaj has also enriched his qualification portfolio with...

Read More >>

More News By Pankaj Singh

Electrodeionization (EDI) Technology Market Size, Share to Progress Rapidly Through 2028
Electrodeionization (EDI) Technology Market Size, Share to Progress Rapidly Through 2028
By Pankaj Singh

The report on Electrodeionization (EDI) Technology market added by Market Study Report depicts the current & future growth trends of this business besides outlining details pertaining to the myriad geographies that are a part of the regional landscap...

Passenger Security Screening System Market Size, Share And Growth to Amass Substantial Gains By 2028
Passenger Security Screening System Market Size, Share And Growth to Amass Substantial Gains By 2028
By Pankaj Singh

The Passenger Security Screening System market research report Added by Market Study Report offers a comprehensive study on the current industry trends. The report also offers a detailed abstract of the statistics, market valuation, and revenue forec...

Reticle Management Software Market Size, Share Valuation to Bolster Substantially Over 2022-2028
Reticle Management Software Market Size, Share Valuation to Bolster Substantially Over 2022-2028
By Pankaj Singh

A recent report Added by Market Study Report on Reticle Management Software market offers a succinct analysis of the industry size, regional landscape and the revenue forecast pertaining to this vertical. The report further highlights the primary cha...