Premium Indian two-wheeler EV companies eye global foray for growth
electric vehicles.
Legacy two-wheeler maker TVS Motor-backed Ultraviolette, which makes the performance electric bike F77, is set to enter European markets like Spain, Germany, Italy, and France. On the other hand, Hero MotoCorp-backed Ather Energy, which currently makes two models of its 450 series of electric scooters, started selling its vehicles in neighbouring Nepal earlier this month.
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Offering CollegeCourseWebsiteIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitIndian School of BusinessISB Professional Certificate in Product ManagementVisitIIM KozhikodeIIMK Advanced Data Science For ManagersVisitThe international expansion comes as the industry saw a 25% decrease in subsidies for electric two wheelers impacting sales earlier this year though it eventually recovered. At the same time, investors continued to put money into Indian EV makers — Ather raised Rs 900 crore ($108.27 million) in September, while rival Ola Electric secured a total of $384 million in a debt and equity round.
Also read | Ather Energy's operating revenue hits Rs 1,783 crore
Senior executives at both firms said expansion into international markets had always been on the cards.
For Ather, Nepal made the most sense as the first international market due to the similarity in regulations, proximity, and its similarity in geography and culture, said chief business officer Ravneet S. Phokela. The Ather 450X scooter is retailing from 3.8 lakh Nepalese rupees (2.37 lakhs Indian Rupees) to upwards of 4.2 lakh Nepalese Rupees (2.62 lakh Indian Rupees).
Ultraviolette’s chief executive Narayan Subramaniam said the company had developed the F77 keeping European
