Highlights: –
- Hero MotoCorp has made another investment in India’s leading EV manufacturer.
- Hero already owns nearly 35 percent stake in Ather Energy. The latest investment will further expand Hero’s stake in Ather.
- This will help Ather in its future plans and scaling up the production of its current lineup.
Hero MotoCorp, India’s largest two-wheeler maker, has made a massive investment of Rs 420 crore in Ather Energy. With this, Hero’s stake in the Bengaluru-based EV startup will further increase from the current holding of 34.8 percent. However, the exact shareholding will be specified upon completion of the capital raise round by Ather. This investment will help Ather to further expand its product portfolio and market reach.
Interestingly, the investment has been made at a time when Hero is itself readying electric products for the Indian market that will be manufactured at the brand’s plant in Chittoor, Andhra Pradesh. Its first electric scooter will be launched by March this year.
The upcoming Hero EVs will employ Ather Energy’s fast-charging technology. In fact, the brand is further exploring alliances with Ather in various areas like technology, charging infrastructure, and parts sourcing. Besides, Hero MotoCorp has also tied up with the Taiwan-based Gogoro Electric, primarily for the development of the battery swapping ecosystem.
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