While the firm is currently present across 13 cities, it aspires to be present across 50 cities by the end of current fiscal
Bengaluru-based electric scooter maker Ather Energy is eyeing an expansion of its business by ramping up production, introducing new products and expanding its sales network across the country, revealed co-founder and CEO Tarun Mehta.
Mehta said to PTI that the firm plans to ramp up production capacity at its Hosur plant in Karnataka to five lakh units per annum by the end of next fiscal.
Mehta added, ”We have already committed Rs 130 crore to expand the manufacturing facility. Over the next 4-5 years we are looking at roughly around Rs 650 crore total investment at the plant.”
The Hosur plant, where the 450X and 450 Plus are manufactured, currently has an installed capacity to roll out 1.1 lakh units per annum
”We will have more variants on the 450 product line over the next year and we are also looking at a new product line altogether in the scooter segment but that is a two year roadmap,” he said, adding that the firm is not looking at the bike segment any time soon, and would only focus on scooters in the meantime
Mehta has big plans for Ather’s sales network too. While the firm is currently present across 13 cities, it aspires to be present across 50 cities by the end of current fiscal and expand its operations to around 100 cities by the end of FY23.
Mehta noted that the EV maker is looking to have about 500 fast charging points by the end of the current financial year. At present it has 142 fast charging points across the country.
He said that the company has been receiving robust demand for its electric scooter range amid improvement in the COVID situation across various states.
Mehta noted that the investment cycle is still going on and the company expects to move towards earnings before interest, taxes, depreciation, and amortization (EBITDA) profitability in about 2.5-3 years.
Ather is backed by the likes of HeroMoto Corp, which is its largest investor, followed by Flipkart founders Sachin and Binny Bansal. Other investors include global private equity players Tiger Global and InnoVen Capital.