By Hero MotoCorp is one of the last manufacturers to enter the electric two-wheeler industry even though they were dominating the ICE market, the company was slow to adopt to electric vehicles. The company introduced its Vida Electric scooters in October 2022, which is more than two years behind both Bajaj and TVS, which is why sales are pretty low as they are expecting the numbers to pick up in coming months but the Indian-Wheeler giant was wise enough to invest on start-up firm Ather Energy.
Ather Energy is one of the fastest-growing electric two-wheeler manufacturers in the country as the company is expanding its product portfolio to meet the growing demands. Hero MotoCorp already owns 36.7 per cent in Ather and now they are increasing the stake as the company will invest an additional Rs. 140 crore in Ather as it will result in increasing the stake to 39.7 per cent. This fresh new investment will certainly help the start-up firm to put more resources into developing new products.
The investment in Ather is certainly going to be a profitable one for Hero MotoCorp as Ather’s turnover jumped by 336 per cent year-on-year in FY 2023 to Rs. 1806.1 crores when compared to FY 2022 the annual turnover is Rs. 413.8 crores and Rs. 79.8 crore in FY 2021. Even though Ather is facing stiff competition from rivals like Ola and TVS, the company is posting good growth as they have sold more than one lakh units for the first time in a calendar year. The company will soon launch Ather Apex and they are working on a new family electric scooter also.
