09 April 2024
IPO-bound electric vehicle manufacturer Ather Energy put on hold its plan to increase capacity in 2023 due to a slowdown coupled with subsidy reduction that hit the EV industry, CEO and cofounder Tarun Mehta has told Moneycontrol. The plan was to take the production from 4.5 lakh vehicles to around 15 lakh units. Ather is operating at around 1.5 lakh units of utilised capacity, however, the market has been looking good since the previous quarter and the firm will this year re-evaluate plans for capacity creation, Mehta said.
IPO-bound electric vehicle manufacturer Ather Energy put on hold its plan to increase capacity in 2023 due to a slowdown coupled with subsidy reduction that hit the EV industry, CEO and cofounder Tarun Mehta has told Moneycontrol. The plan was to take the production from 4.5 lakh vehicles to around 15 lakh units. Ather is operating at around 1.5 lakh units of utilised capacity, however, the market has been looking good since the previous quarter and the firm will this year re-evaluate plans for capacity creation, Mehta said.
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