Electric Vehicles This Week: Tesla To Set Up Indian Unit, Ather Financials & More

Bengaluru-based electric vehicles (EV) startup Ather Energy has reported INR 48.8 Cr revenue in FY20, representing over 4x growth from INR 11.7 Cr in the previous fiscal year. It had also recorded over 8x growth in its operating revenue from INR 4.2 Cr in 2019 to INR 35.3 Cr in the year ended March 30, 2020.

The rise in revenue did not bring in profit for the company. It has reported INR 268.6 Cr in expenses in FY20, over twice the INR 119.2 Cr recorded in the previous year. Consequently, the company’s losses also more than doubled to INR 219.9 Cr from INR 107.5 Cr in FY2019.

The company sold nearly 3007 units of electric scooters in FY20, with nearly 70% of sales coming in from Bengaluru. In the coming years, the company anticipated more spike in its electric scooters demand, therefore, it is looking to set up another manufacturing unit in Chennai.

Besides this, it will also be expanding its EV charging network beyond Bengaluru and Chennai. Majority of the Ather’s expenses in FY20 were directed toward increasing production as it launched a new electric scooter in January this year.

You can read more about Ather Energy’s financial report in “[What The Financials] Ather Energy Losses Grow 2X In FY20 As It Gears Up To Meet EV Demand”.

Chart Of The Week: Ather Energy Financials 2020

EV News Of The Week 

Mindspace Business Parks Aims 100% Emobility Transition

Real estate entity Mindspace Business Parks REIT, which deals in office spaces, has decided to transition to 100% emobility by the expanding EV charging infrastructure for its clients across all Business Parks by 2030 to accelerate a global shift to clean transport and reduce air pollution in the urban micro-markets of presence.

The company has already begun driving EV uptake amongst its clients by installing more than 1000 charging points across its business parks, which can be accessed without any charge. In 2019, EV vehicles were launched at the Mindspace Juinagar Business Park in Airoli, Mumbai, with EV infrastructure being set up subsequently across locations.

Tesla In Talks To Set Up Research Unit In Bengaluru

Elon Musk-led American EV and clean energy company Tesla is reportedly initiating talks to set up its research and innovation centre in Bengaluru. The company held exploratory discussions with the officials from the Karnataka government, on September 10, to set up the research facility according to an Economic Times report citing sources. The talks are currently in preliminary stages, and a followup meeting is expected to be held later this month.

The Karnataka government is expected to present a detailed proposal to Tesla executives. If successful, India will be the second country outside the US where Tesla has a research centre. This comes after CEO Musk indicated in July that the company’s luxury electric cars will “hopefully” come soon to India.

EV Headlines From Around The World

Volkswagen Unveils First First Crossover SUV ID4

Volkswagen has officially unveiled its first crossover SUV ID4, which is the first EV to be built on the automaker’s mass-manufactured modular EV platform also known as MEB. The vehicle is expected to cost just under $40K.

Ford To Build 5 EVs In Canadian Factory

American multinational automaker Ford is reportedly planning to build 5 EVs in their Canadian factory as a part of their deal with auto-worker union Unifor. According to a Toronto Star report, the agreement is subjected to the ratification by union members. The agreement is for a three-year national labor contract covering 5,400 unionised works.

California To Phase Out Gas-Powered Cars By 2035

California will stop selling gasoline-powered automobiles within 15 years, governor Gavin Newson (D) announced on Wednesday (September 23). “You deserve to have a car that doesn’t give your kids asthma. Our cars shouldn’t make wildfires worse — and create more days filled with smoky air,” he said.

The California Air Resources Board will develop regulations that ensure every new passenger car and truck sold in the state is electric or otherwise “zero-emissions” by 2035.  The plan would give industry until 2045 to make sure medium- and heavy-duty vehicles are zero-emissions when feasible.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.