The government s continued support to drive adoption of EVs, with a keen focus on locally built electric two-wheelers will make India the manufacturing hub of EVs, said Ather Energy CEO and Co-founder Tarun Mehta
Electric two-wheeler makers on Saturday termed as a phenomenal move by the government to increase subsidy for such vehicles by 50 per cent under the FAME II scheme saying it would be a game changer in the adoption of eco-friendly vehicles. The government on Friday made a partial modification of the scheme for Faster Adoption and Manufacturing of Electric Vehicles in India Phase II (FAME India Phase II), including increasing the demand incentive for electric two-wheelers to Rs 15,000 per KWh from the earlier uniform subsidy of Rs 10,000 per KWh for all EVs, including plug in hybrids and strong hybrids except buses.
Ather Energy expects to turn profitable by next year
Last November, Ather Energy had raised $35 million in a funding round led by Flipkart co-founder Sachin Bansal s investment of $23 million, while Hero MotoCorp had invested $12 million as a part of the Series D round.
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Hero MotoCorp-backed electric two-wheeler maker Ather Energy is hoping to be profitable at the operating level by next year and it looks to raise capital to fund its future business expansion programme, according to a top company official.
Workers at Ather Energy s factory at Hosur, Tamil Nadu testing scooters.
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