Hero MotoCorp announces new investment in Ather Energy. Under this Hero, MotoCorp will invest up to INR 420 Crore in Ather Energy. Before this, Hero MotoCorp had a total shareholding of 34.8 per cent in Ather Energy. But post this investment, the share posting will increase, and the exact amount will be revealed upon completion of the capital raise round by Ather. Given the demand for electric vehicles in the country, Hero MotoCorp aims to grab a healthy share of the market.
Ather Energy was one of the early scooter manufacturers that entered the EV space back in 2016. At that time, the demand was not much, and the sales figures were also somewhat underwhelming. But, for the past two years, the demand for electric scooters has skyrocketed. Ather Energy taking the advantage of first-mover, is selling in good numbers. For CY 2021, Ather Energy stood in the 3rd position in the overall two-wheeler EV manufacturer. Hero MotoCorp was one of the early investors in Ather Energy and has played an important role in its development.
Given the growing demand for electric scooters, Hero MotoCorp is gearing up to launch its own EV scooter. The two-wheeler manufacturer mentioned that the scooter will hit the Indian roads by March 2021. This EV scooter is being developed at Hero MotoCorp’s Center of Innovation and Technology (CIT) in Jaipur and the Tech Center Germany (TGG) near Munich.
The company’s plant in Chittoor in Andhra Pradesh will take the responsibility of manufacturing the EV. Along with Ather Energy, Hero MotoCorp has also tied up with Gogoro Inc. With this, the company aims to build a robust and viable EV ecosystem. This will include products to technology, sales, service, customer care, operations, and innovation. Hero MotoCorp is increasingly shifting its focus towards sustainability and emerging mobility.
Also Read: Hero MotoCorp will launch its Electric Vehicle By March 2022.
