With continued government support like the PLI scheme coupled with innovative products, the industry is set to reach 8.5 lakh units in FY 2023-24, analysts say
Ather Energy, the electric vehicle company backed by Hero MotoCorp, reported a significant increase in losses for the financial year 2022-23. The company s losses surged more than 2.5 times to reach Rs 864.5 crore, compared to Rs 344.1 crore in the previous year. Despite strong sales, Ather s total expenses more than tripled to Rs 2,670.6 crore. The company plans to use the recently raised funds of Rs 900 crore for new product launches and the expansion of its charging infrastructure and retail network. Ather Energy currently has over 200 retail touchpoints and a public fast-charging network across India.
Hero MotoCorp-backed electric vehicle (EV) company Ather Energy's losses surged more than 2.5 times in the financial year 2022-23.The EV startup reported a loss of Rs 864.5 crore in FY23, against a loss of Rs 344.1 crore in FY22, according to .