IPO-bound Ather developing 2 new EV platforms – Zenith for motorcycles, EL for scooters

India's third-largest electric two-wheeler maker Ather Energy, which filed for its initial public offering on Monday, is developing two new electric two-wheeler platforms in a bid to expand the addressable market.

The automaker currently offers two electric scooter models – Ather 450 and Ather Rizta 229 with a total of seven variants on a single platform. It is now developing a motorcycle platform named "Zenith" and a new scooter platform named "EL."

The Zenith platform is being designed to support new electric two-wheelers targeting the 125-300 cc motorcycle segments, Ather Energy said in its draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India.

Though electrification in India is being driven by two-wheelers, the electric motorcycle segment is yet to see significant traction with limited offerings from a few startups such as Revolt and Ultraviolette.

Ather Energy believes that the motorcycles offer a significant opportunity to expand our addressable market. In the Indian two-wheeler market, motorcycles account for around 63% of the volume. The company sees electric vehicle penetration in the motorcycle space hitting 10% by the end of this decade.

Autocar Professional has reported that India's largest electric two-wheeler maker Ola Electric is working on a portfolio of four electric motorcycles and plans to launch its first electric motorcycle in the first half of the financial year 2026. It also has plans to expand its portfolio to the mass-market motorcycle segment in the long run.

Meanwhile, the new EL platform for scooters is in an advanced stage of development. It will serve as a more cost-effective and versatile platform for Ather's scooter lines, the company said.

The new scooter platform will incorporate a new powertrain, electronics and chassis platform while using elements of the battery and Atherstack from the Ather 450 platform.

"The EL platform will allow us to develop a diverse range of scooter models tailored to various domestic and international markets needs, and reduce our costs," the company noted.

Ather Energy did not disclose the timeline for the launch of two new platforms.

The automaker will manufacture models based on the new platforms at its upcoming facility in Aurangabad (Maharashtra). The production at the facility will start in a phased manner from May 2026.

Currently, the company has one manufacturing facility in Hosur (Tamil Nadu) that has an installed capacity to produce 4.20 lakh units per year.

During the financial year 2024, Ather Energy sold a total of 1.10 lakh electric two-wheelers, up from 92,093 units sold in the financial year 2023.