Ather Energy plans up to $100-million investment for new manufacturing unit
Ather Energy, a six-year-old manufacturer of smart electric scooters, is drawing up plans to set up a new manufacturing unit in South India involving an investment of $50-100 million in the next few years.
The proposed expansion has been necessitated in view of growing volumes for its electric scooters and strengthening of an ecosystem with the government support for electric vehicles. Also, the company has chalked out an ambitious plan to sell one million units by 2023 with its presence in 30 cities across the country.
“The new factory will come in phases as our Bengaluru facility could handle only 20,000-25,000 units per annum. For our one million sales expansion, we foresee an investment of $50-100 million over the next three years,” Tarun Mehta, Co-founder & CEO, Ather Energy, said while announcing the launch of Ather 450 for Chennai market.
