Ather electric scooters are seen outside the showroom in Mumbai, India, January 28, 2022.
India's electric scooter market is small but growing, with e-models accounting for 5% of total scooter and motorcycle sales in the last fiscal year against a government target of 70% by 2030.
"The transition to electric vehicles could have been faster if not for the (subsidy) change but even then, there will be no major impact in the mid to long term," he said.
Valued at around $750 million, Ather will raise more money before the end of 2023 to back its growth plans, he said, without giving more details.
"India will not only be the largest market in the world for electric two-wheelers but also the largest exporter," he said.
Persons:
Francis Mascarenhas, Tarun Mehta, Mehta, Ather, Electric, Hero MotoCorp, Aditi Shah, Kirsten Donovan
Organizations:
REUTERS, Rights, Ather, Reuters, Softbank, TVS, Thomson
Locations:
Mumbai, India