Ather Energy, an electric two-wheeler manufacturer supported by Hero MotoCorp, is currently in discussions with several state governments in order to establish a new manufacturing plant in the country.
According to reports, the company is in talks with representatives of various state governments including Maharashtra, Telangana, Andhra Pradesh, Gujarat, Karnataka and Telangana to establish an additional manufacturing facility with a capacity of approximately 15 lakh units annually.
Sources claimed that the company is currently in the final leg of negotiations and will likely settle the location within the next month.
According to sources, the company that sells two-wheeler electric scooters, the 450X and 450 Plus, is currently looking at 100 acres of land parcels in order to establish its third facility. Currently, Ather has a plant at Hosur, Tamil Nadu with a capacity of 1.2 million units per year.
With the opening of a new Hosur facility, the capacity will increase to 400,000 units per annum. This facility is expected to be operational later this year.
Ather Energy has raised $128 million from the Strategic Opportunities Fund (SOF), National Investment and Infrastructure Fund Ltd (NIIFL), and Hero MotoCorp. The company intends to use the funds to expand its manufacturing units, to invest in research and development and expand EV charging infrastructure. It also plans to grow its retail network.
Hero MotoCorp was an early investor in the company and has been a part of the company’s growth story since 2016. The company currently owns a 35% stake in Ather Energy. Ather’s May sales were 3,807 units, its highest ever monthly total. It currently has 38 experience centres in 32 cities. It plans to establish 150 centres in 100 cities by 2023.