Ather Energy targets 30% market share, to launch 2 new EVs and architecture: CEO Tarun Mehta

Mehta also praised the Production Linked Incentive (PLI) scheme, saying it will drive local EV manufacturing and attract a lot of suppliers to India. “PLI has been an incredible step. It is very clearly going to drive more and more local manufacturing. The incentives are very well thought through and they are very powerful,” he said.

However, Mehta also noted that there were some gaps in the first round of PLI and that he is looking forward to tweaks that expand its scope. “The first round of PLI has had some gaps and we are looking forward to tweaks that expand the scope of PLI. The way it was defined in the first shot, some very good companies could not just qualify because the definitions had some gaps,” he said.

Mehta also commented on the recent subsidy cut, saying that while it caused some confusion in the industry, he expects meaningful growth in the festive season. “The sector sort of stepped back a few quarters on account of some of the confusion around subsidies, chargers and all the other stuff. While the subsidies have come down, I am very glad that at least the government moved fast. What we are seeing is a very rapid correction back in the industry,” he said.

In terms of market share, Mehta said that Ather Energy’s market share has risen from 10 percent to 15 percent in just two months and that he expects it to hit 30 percent within a year with the launch of their new product, 450S. “With the launch of 450S we are expecting market share to move up much faster,” he said.

Mehta also defended India’s EV policy, saying that at a macro level, it is one of the best in the world. “There has been a lot of negative press around the EV policy in the last few months, but if you step back and notice what is actually happening at a macro level, what we have seen in India still continues to be one of the best EV policies whether it is electric two wheelers, three wheelers, cells, batteries etc,” he said.