Ather Energy, a prominent electric two-wheeler manufacturer, is gearing up to enhance its production capacity by establishing a new manufacturing facility, as per a report in Hindu Businessline. Ravneet Phokela, Chief Business Officer of Ather Energy, informed that the location for the new facility is yet to be finalised, but it will be located outside Tamil Nadu, where the company's existing plant operates.

Upon the completion of both facilities, Ather Energy will have the capability to manufacture 420,000 units annually, the newspaper disclosed. Concurrently, the company is actively working on developing new products to expand its market presence in India.

Aside from domestic expansion, Ather Energy is eyeing global markets. Despite its significant presence in India's electric two-wheeler market, the company is on the verge of making its international debut.

Following discussions with company representatives, the newspaper reported that Ather Energy has extensively analysed overseas markets and identified substantial demand in three key regions: Southeast Asia, Latin America, and Europe.

Financially, in FY23, Ather Energy experienced a substantial growth in revenue from operations, reaching Rs 1,738 crore, a fourfold increase from Rs 408 crore in FY22. However, the company also incurred a loss of Rs 864.5 crore in FY23, compared to a loss of Rs 344.1 crore in FY22. This financial data was disclosed in the company's annual statements submitted to the Registrar of Companies (RoC).

Headquartered in Bengaluru, Ather Energy stands as a leading player in India's electric vehicle manufacturing sector, sharing the stage with significant players such as Ola Electric, Bajaj, and TVS. Together, these four companies dominate approximately 80 per cent of the electric two-wheeler market in India, with Ather Energy contributing around 13 to 15 per cent to this market share.

Source: Business Standard