In today’s briefing:
- Ather Energy Pre-IPO Tearsheet
- Ola Electric’s Negative Noise. Maruti Suzuki’s Electric Plans: India EV Update
Ather Energy Pre-IPO Tearsheet
- Ather Energy (1207922D IN) is looking to raise about US$536m in its upcoming India IPO. The deal will be run by HSBC, Nomura, JM Fin and Axis.
- Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.
- According to CRISIL, Ather was the third largest player by volume of E2W sales in FY24.
Ola Electric’s Negative Noise. Maruti Suzuki’s Electric Plans: India EV Update
- Ola Electric (OLAELEC IN) reportedly faces challenges with poor product service, leading to dissatisfied customers. This underscores the urgency to improve its service infrastructure and restore brand trust.
- The Indian electric two-wheeler sector saw weak sales in August, following a robust July, with Ola experiencing a sharp decline in monthly volumes and a loss of market share.
- Meanwhile, Maruti Suzuki India (MSIL IN) is gearing up for a January 2025 EV launch and is preparing to establish a 25,000-unit charging infrastructure in advance.
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