Homegrown company Ather, which is also India’s third largest e-scooter maker after Softbank Group-backed Ola Electric and local TVS Motor, is looking ahead to launch new models and test the export markets in the upcoming days. In a report by Reuters, the chief executive of the company said they will raise funds to boost the growth of the company after the government’s decision to lower the subsidies for the vehicles.
The Indian EV market is growing with each passing day but it recently saw a fall in sales after the government slashed the cash incentive on the electric two-wheeler from 40 percent of the ex-factory price of vehicles to 15 percent.
Like other brands, Ather’s sales also dropped after this but CEO Tarun Mehta said in an interview that the company is working on launching two new models in the market and one will be launched six months earlier than originally planned. He further said the change would not have any effect in the mid or long term and Ather is aiming for more than 50% of sales from the global market by the end of this decade.
He also mentioned during his interview given to Reuters that the company will raise funds to support its growth plan. As per the report, Ather can raise from its existing shareholder Hero MotoCorp up to $108 million.
