Ather Energy to Establish Rs 2,000 Crore Manufacturing Plant in Maharashtra

Mumbai, 29th June 2024: Bengaluru-based electric two-wheeler manufacturer Ather Energy has announced plans to set up its third manufacturing facility in Maharashtra, marking a significant investment of Rs 2,000 crore. The new plant, to be located at Aurangabad Industrial City (AURIC) in Aurangabad, Maharashtra, is expected to generate employment opportunities for approximately 4,000 people.

The decision was confirmed by Maharashtra Deputy Chief Minister Devendra Fadnavis, who expressed his enthusiasm about Ather Energy’s expansion into the state. “A meeting was held with Ather Energy founder Swapnil Jain. The company has chosen Aurangabad in Maharashtra to set up its third manufacturing plant. I am happy with this,” stated Fadnavis in a social media post on platform X.

The upcoming facility will cater to the production of both electric two-wheelers and battery packs, aiming to manufacture up to 1 million units annually. This strategic move is anticipated to streamline logistics and enhance product delivery efficiency across India.

Currently, Ather Energy operates two manufacturing plants in Hosur, Tamil Nadu, specializing in battery production and vehicle assembly respectively. These existing facilities will continue operations alongside the new Maharashtra plant.

At the forefront of India’s electric mobility sector, Ather Energy offers a range of electric scooters domestically. The Ather 450X, priced between Rs 1.41 lakh and Rs 1.55 lakh (ex-showroom), boasts a range of 150 km on a full charge. With increasing demand for electric two-wheelers, the company is intensifying efforts to expand production capacities, diversify its product lineup, and bolster its retail and charging infrastructure nationwide.

In fiscal year 2024, Ather Energy reported consolidated revenues amounting to Rs 1,753 crore, representing a marginal decline of 1.7% year-on-year. The company raised Rs 286 crore through a mix of debt and equity, predominantly sourced from venture debt and co-founders. Looking ahead, Ather Energy is gearing up for a potential listing on stock markets by 2025, aiming to capitalize on its market position alongside key players like Ola Electric, TVS, and Bajaj Auto.

Founded in October 2013, Ather Energy has established itself as a leader in designing, manufacturing, selling, and servicing electric two-wheelers, supported by its proprietary charging infrastructure. The company currently operates more than 200 experience centers and over 2,500 fast charging stations across India, facilitating widespread adoption of electric vehicles.