Hero MotoCorp-backed electric two-wheeler manufacturer Ather Energy has announced its plans to capitalize Rs 635 crore in the ensuing five years at its manufacturing facility in Tamil Nadu to expand production.
The company, which commenced operations from the factory in Hosur, in January, has achieved 90 percent localisation of parts, comprising battery pack which is made in-house, Ather Energy said in a declaration.
The plant has an annual capacity of 1.1 lakh scooters and 1.2 lakh battery packs.
"It's been a great journey for us so far, and the opening of this facility is truly a milestone for Ather. The consumer demand has increased by multiple folds, and with us expanding to new markets, this state-of-the-art facility will cater to demand across the country," Ather Energy Chief Executive Officer and Co-founder Tarun Mehta expressed.
Apart from the EV manufacturing, the facility will also focus on lithium-ion battery manufacturing, which is a crucial area of focus for Ather Energy going ahead, the company said, adding it has earmarked "investment of Rs 635 crore over next five years".
"The investment is an opportunity for value creation in the sector and will create job opportunities in the region. As a part of this initiative, more than 4,000 employees will be trained in requisite skills in the EV sector over the next five years," it added.
The electric two-wheeler manufacturer said since starting operations at its Hosur plant, it has begun deliveries in Mumbai, Pune, Ahmedabad, Bengaluru, Chennai, and Hyderabad, and more deliveries are planned in a phased manner across 21 other cities by the first quarter.
At present, it has a presence across 27 cities, including Bengaluru, Chennai, Mumbai, Pune, Delhi, Hyderabad, Kochi, and Kolkata, in 15 states. It is likely to expand to 40 cities by the end of 2021, the company added.