Electric two-wheeler maker Ather Energy is all set to finalise the location of a third manufacturing plant shortly with plans to make it functional by end of next fiscal to cater to growing demand, according to co-founder Swapnil Jain. The startup which currently sells two electric scooters — 450X and the 450 Plus — expects its current capacity of 4.2 lakh units per annum in Hosur (Tamil Nadu) to get fully utilised by next fiscal end.
Ather formally inaugurated its second plant in Hosur on Wednesday although operations commenced in October. The company now has two separate facilities in Hosur to produce vehicles and batteries, respectively.
“By the end of next financial year we will be running out of capacity here (Hosur). Somewhere around the similar time frame we will be looking at having the new plant,” Ather Energy co-founder and CTO Swapnil Jain told PTI in an interaction.
In May this year, Ather Energy raised USD 128 million from National Investment and Infrastructure Fund Ltd’s (NIIFL) Strategic Opportunities Fund (SOF) and Hero MotoCorp, along with additional investors.
Hero MotoCorp is an early investor in Ather Energy and has been part of its growth story since 2016.
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