Ather Energy’s Losses Widen to Rs 1,059 Crore in FY24

• Ather Energy, the e-scooter manufacturer, saw its losses increase by 23% to Rs 1,059 crore ($128 million) in FY24, up from Rs 864 crore ($104 million) the previous year. Revenue rose slightly to Rs 1,789.10 crore ($215 million) from Rs 1,783.60 crore ($214 million).
• Hero MotoCorp, Ather's largest shareholder with a 43.94% stake, reported a loss of Rs 380.7 crore ($47 million) attributable to Ather on its balance sheet, compared to Rs 192.5 crore ($23 million) the previous year.
• The competitive landscape in India's electric two-wheeler market has impacted Ather's revenue growth, with players like SoftBank-backed Ola Electric aggressively pursuing sales ahead of its IPO.
• Despite the challenges, Hero remains optimistic about the electric two-wheeler segment, citing improved adoption due to government incentives and cost-effective models.
• In FY24, Hero invested nearly Rs 700 crore ($84 million) to increase its stake in Ather and expanded its charging infrastructure, setting up 2,000 charging points across 200 cities.

Source: The Arc