ATHER

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W20095
ATHER ENERGY: MOTIVATING INDIA FOR SMART ELECTRIC

SCOOTERS1
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Nitin Gupta wrote this case solely to provide material for class discussion. The author does not intend to illustrate either effective or
ineffective handling of a managerial situation. The author may have disguised certain names and other identifying information to
protect confidentiality.
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Copyright © 2020, Ivey Business School Foundation Version: 2020-02-14
In June 2019, India faced a precarious situation. According to a World Health Organization report, 14 of the world’s
15 most polluted cities were in India.2 To improve the poor air quality prevalent across many Indian cities, the
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Indian government think tank Niti Aayog (NA) had recommended that all new motorized two-wheel vehicles (two-
wheelers) with an engine capacity of less than 150 cubic centimetres (cc) should be electric-powered by 2025. The
government was considering implementing a phased rollout of an electric vehicle (EV) program for two-wheelers
and to initially limit their sales to India’s major cities, especially those that were highly polluted.3
Although many established two-wheeler manufacturers, such as Bajaj Auto Limited and TVS Motor
Company, were opposed to implementing such a rapid change, Tarun Mehta, the chief executive officer
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and co-founder of Ather Energy (AE), wholeheartedly supported it. AE was a new electric two-wheeler (e-
two-wheeler) start-up company that, along with many other e-two-wheeler start-ups (e.g., Revolt
Intellicorp, 22 Motors, Okinawa Autotech, Tork Motors), agreed with the 2025 recommendation and even
wanted the timeline to be pushed up.4 Mehta was of the view that “This [mass electrification of two-
wheelers] will not take a decade. It can happen in the next 2–3 years. . . .”5
However, despite Mehta’s optimism, he faced many challenges in late July 2019. E-two-wheelers remained
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a niche category, innumerable infrastructure constraints had emerged, and consumers lacked awareness of
AE’s e-two wheelers. Motivating consumers to buy e-two-wheelers was not easy. How could Mehta
identify consumer needs that his products could meet? Which demographic should the company cater to?
How could AE create favourable consumer perceptions and positive attitudes toward its offerings? How
could AE motivate consumers to purchase its products?
COMPANY BACKGROUND
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AE was co-founded in 2013. Its two co-founders were Mehta, a graduate from the Indian Institute of
Technology (IIT) Madras (now known as Chennai) with a degree in Engineering Design, and his former
classmate Swapnil Jain, who became AE’s chief technical officer. AE’s objective was to develop India’s
first smart electric scooter (e-scooter), which would revolutionize the concept of two-wheeler driving in
India. Although e-scooters were already available in India, smart e-scooters, which had a touch-screen and
interactive dashboard, responded to applications (apps), and could be controlled with a smart phone,
represented a completely new market offering.6
This document is authorized for educator review use only by DR.MUKUL MISHRA, HE OTHER until May 2023. Copying or posting is an infringement of copyright.
Permissions@hbsp.harvard.edu or 617.783.7860
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AE had already gone through several rounds of funding (see Exhibit 1),7 and in June 2019, it had one
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manufacturing centre with an installed capacity of 20,000–25,000 units. The manufacturing centre was
located in Bengaluru, which was also the only city in which AE sold its smart e-scooters. AE had also
created a comprehensive public charging network called AtherGrid, which was launched in May 2019.
With 31 locations in Bengaluru and 7 more in Chennai, AtherGrid was designed to provide a charging
infrastructure within 4 kilometres (km) of any commuter. Over the next five years, AE planned to set up a
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new manufacturing facility and additional charging infrastructure in several more cities, with the goal of
selling 1 million smart e-scooters annually. The company also planned to begin accepting pre-orders in
other Indian cities, such as Chennai, Pune, Hyderabad, and Delhi, with a mid-term plan to further extend
its reach to 30 cities.8
In July 2019, the firm sold two models: the Ather 340 and the Ather 450. These products, which were priced
upward of ₹110,000,9 had been designed from scratch, were made in India, and had been customized to
Indian conditions and riding sensibilities. The firm’s flagship model, the Ather 450, came with a top speed
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of 80 km per hour (kmph) and a range of up to 75 km. The top speed of a comparable petrol-powered
scooter was 85 kmph, with a mileage of 50 km per litre (kmpl) of petrol (see Exhibit 2 for more details).10
The Ather 450 also came with a parking assist function that allowed riders to reverse into tight parking
spots, a notoriously regular phenomenon in India. In short, it ensured a riding experience that was ideally
suited for city commuters. Both of the AE models were classified as smart e-scooters and were equipped
with a touch-screen, interactive dashboard, and an integrated app that provided on-board navigation, remote
diagnostics, and over-the-air updates.11 The dashboard came pre-loaded with the Ather app, which enabled
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both push navigation from a smartphone and remote monitoring of the vehicle’s maintenance needs and
charging status. According to Mehta, within one year, the imported product parts of both models would
decrease from less than 50 per cent to less than 25 per cent.12 At present, consumers who wanted to purchase
either AE model had a four- to five-month waiting period, and Mehta asserted that consumer interest in e-
scooters was increasing.13
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AE did not follow a typical dealership format to distribute its products. Instead, AE products were displayed
at the company’s own thoughtfully designed experience centre, called AtherSpace, where AE product
specialists interacted directly with consumers to explain every detail of the vehicles to interested customers
and to arrange test rides. Purchases were made online via AE’s website, and charging stations were set up
at each new customer’s residence to provide overnight charging.14
To attract more customers, AE had started offering leasing options on its premium battery-powered scooter,
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the Ather 450, wherein the customer made a down payment of ₹75,000 and was levied a monthly rental fee
of ₹2,500. Under this option, the company would refund the entire down payment of ₹75,000 at the end of
three years, in case the customer wanted to return the initially leased smart e-scooter. If the vehicle was
returned before the end of the term, the leaser had to pay a certain amount to the company, depending on
the time remaining for the lease to end. The customer also had the option of purchasing the leased vehicle.
To address consumer concerns about recharging EVs, AE had also earmarked ₹1.3 billion to set up 6,500
charging stations across India by 2023. To enhance consumers’ post-sales experiences, AE offered a
subscription plan, named Ather One, that provided doorstep pickup and servicing options, 24/7 roadside
assistance, and free charging at home and at all public AtherGrid stations, among other benefits. 15
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In addition to vehicle sales, AE expected to gain new monetization streams from revenue from its charging stations,
vehicle leasing programs, and the sale of software upgrades. AE had submitted more than 51 patent applications,
11 of which were international, as well as 113 trademarks and 123 design registrations of their products.16
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THE E-TWO-WHEELER MARKET IN INDIA
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India was the world’s largest market for scooters and motorcycles. For the fiscal year (FY) ending March
31, 2018, annual domestic sales of scooters and motorcycles exceeded 19 million units—six times the
number of cars sold over the same period.17 However, between April 2018 and March 2019 (FY 2019),
only 760,000 EVs were sold in India, and the EV market was dominated by three-wheelers (83 per cent);
e-two-wheelers comprised only 16.4 per cent of the market, representing just 124,640 units18—a tiny
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fraction of the 21 million two-wheelers sold in India during the this period.19
However, despite these low sales numbers, the Indian e-scooter and e-motorcycle (e-bike) market was
expected to reach $698.3 million20 by 2025—a compound annual growth rate of 36.3 per cent during the
forecast period. Planned government initiatives to promote EVs and implement stringent emission
regulations were the major driving factors for this projected growth. In addition, the launch of several new
e-scooters,21 as well as increasing numbers of female two-wheeler riders, especially in Tier 2 and Tier 3
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cities, were also contributing to increased demands for e-scooters.22
In May 2019, India had a larger market for e-scooters than for e-bikes, chiefly because e-scooters were
cheaper and came in a wider range of models.23 E-scooters were also much cheaper than electric cars, since
they were lighter and thus required smaller (and therefore cheaper) batteries. E-scooters also took much
less time to charge than electric cars, and they could often use existing plug points in residential homes. In
fact, e-scooters were priced comparably with petrol-powered scooters.24
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Research on Indian purchasing behaviours had found that social class, reference groups, and opinion leaders
were very important and had much more influence, due to higher group conformity tendencies. Indian
consumers were also very value-conscious and were exceptionally sensitive to pricing. In addition,
successful Indian marketing strategies required paying attention to local cultural nuances.25
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India’s government wanted to use the EV mandate rollout to turn India into a manufacturing base for EVs and
EV batteries. The government sought to avoid entering the market too late and thereby allowing China to emerge
as the global manufacturing hub for those products, as had happened for electronic goods and mobile phones.
The government think tank, NA, had suggested offering a variety of concessions to domestic EV battery
manufacturers, including income tax incentives and a customs duty matrix.26 To facilitate the dissemination of
EVs in India and address the lack of charging points across the country, the government also wanted to establish
a framework for enormous battery-manufacturing and charging infrastructures, the latter of which would also
include the presence of petrol pumps at electric charging points.27
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ATHER E-SCOOTER COMPETITORS
Hero Electric
Hero Electric (HE), part of the Hero Group, was a pioneer in the Indian e-two-wheeler industry and had
become one of the world’s leading two-wheeler manufacturers. HE had begun manufacturing e-bikes and
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India’s first e-scooters in 2007, at a state-of-the-art manufacturing facility near the northern Indian city of
Ludhiana. By 2019, HE had expanded to 325 cities across India with 601 dealers.28 Its e-bike pricing started
at ₹39,550 and went up to ₹86,490 for its top model, the Hero Electric Photon 48V, but neither had smart
functions. As of July 2019, HE offered seven models of e-two-wheelers in India, of which the most popular
were the Optima Li (₹57,900), the Flash LI (₹52,974), and the Flash LA (₹39,550); they also planned to
launch five new models in 2019–20.29
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Revolt Intellicorp
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Led by Rahul Sharma, the co-founder of mobile device–maker Micromax, Revolt Intellicorp (RI) had a
₹5 billion manufacturing facility with an annual capacity of 120,000 units in the northern Indian town of
Manesar. RI had a 130-member research and development team and had unveiled its first smart e-bike, the
RV400, in July 2019; however, the bike’s critical components, such as its battery cells and motor, had been
imported.30 It delivered a range of 156 km on a single charge and was expected to be priced around ₹100,000.
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To address consumer concerns over range anxiety, RI also planned to set up swappable battery stations every
3–5 km and to deliver batteries to customers to address consumer concerns over range anxiety.31
22KYMCO
22KYMCO (22K) was a joint venture between India’s 22Motors and Taiwan’s Kwang Yang Motor
Company (KYMCO), the latter of which had a presence in 102 countries.32 In June 2019, 22K had plans to
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set up a manufacturing facility with an annual production capacity of 200,000 units in Bhiwadi, Rajasthan,
a northern Indian state. Although the company had previously sold its e-two-wheeler, the iFlow, at an ex-
showroom price of ₹90,000 in Delhi,33 it planned to start retailing the iFlow in September 2019, first through
14 dealerships across six Indian cities (New Delhi, Pune, Bengaluru, Kolkata, Ahmedabad, and Hyderabad),
and then, over the next three years, via 300 dealerships that it planned to set up across India. However, the
iFlow offered a driving range of only 40 km and could achieve a top speed of only 60 kmph. It was sold
without batteries, which buyers instead leased from KYMCO, effectively saving customers the hassle of
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dealing with limited battery lifespans.34
Okinawa Autotech
Okinawa Autotech (OA), a 100 per cent Indian e-two-wheeler manufacturing company, was established by
Jeetender and Rupali Sharma in 2015 with the mission of creating e-two-wheelers for a sustainable future.
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OA was headquartered in the northern Indian city of Gurugram, while its manufacturing facility was in
Bhiwadi, Rajasthan. OA sought “to bring pioneering technology and the cutting edge designs for the
endearing Indian consumer.”35 OA offered four models of e-scooters through 186 OA dealers in 147 cities
across India. Its e-scooter pricing started at ₹39,990 and ranged up to ₹116,000 for its smart e-scooter, the
Okinawa i-Praise. The most popular models in its e-scooter lineup included Raise, Praise, and Ridge.36
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Tork Motors
Tork Motors (TM) was based in the western Indian city of Pune. The firm had done extensive research and
development work for seven years prior to manufacturing India’s first smart e-bike, the T6X, which was
priced at ₹125,000 and was powered from a lithium-ion battery (LiB) stack. Its top speed was 100 kmph
and its battery pack could last for 100 km on a full charge. The T6X included various smart features, such
as an on-board navigation system, cloud connectivity, and a fully digital display, as well as many safety
features, such as an anti-lock braking system and an anti-theft system. The company also planned to set up
several charging stations to enhance India’s EV infrastructure.37
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CONCERNS
NA’s recommendation that all new two-wheelers with an engine capacity of less than 150 cc would need
to be electric-powered by 2025 was widely criticized as having been poorly thought out. Critics argued that
such a mandate would have an adverse impact on the large ecosystem that underpinned the Indian two-
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wheeler industry, which represented a rare success for local companies against Japanese firms in the
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commuter vehicle market segment.38 Critics also pointed out that EV batteries were primarily lithium-ion,
whose key manufacturers were Chinese and South Korean companies. Moreover, the Chinese government
provided huge subsidies to encourage EV sales in China, thereby also enhancing the competitiveness of its
EV firms. A hasty shift to e-two-wheelers in India thus threatened to turn a bright spot in the Indian
manufacturing space over to Chinese firms and other international corporations.39
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In addition to constraints on the power supply side, India also had a nearly non-existent EV manufacturing
ecosystem. Most EV components were imported from China, from charging infrastructure to other critical
components such as battery cells, motors, and controllers.40 India’s leading two-wheeler manufacturers,
including Hero Moto, Honda, Bajaj Auto, and TVS, had therefore expressed reservations about the
proposed switch from internal combustion engines to electric motors and batteries by 2025. Bajaj Auto’s
managing director, Rajiv Bajaj, “had earlier termed this suggestion as ‘ill-timed’ and ‘impractical,’” while
TVS chairman Venu Srinivasan “had called it an ‘unrealistic deadline’ that [might] de-rail auto-
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manufacturing in the country and lead to job losses.”41 However, Mehta had argued that “It does not take a
lot of investment to set up charging infrastructure for two-wheelers. As far as local manufacturing is
concerned, there are a lot of vendors today who are hungry to get into the e-mobility space. And if there is
demand of such scale, component makers will respond.”42
Many had also criticized the timing of the EV thrust, as the automotive industry was already reeling from
investing more than ₹700 billion in 2016, following another government mandate, to leap-frog from BS-IV
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to BS-VI emission norms by 2020.43 The industry was also experiencing one of the worst sale slowdowns
in its history: in May 2019, passenger vehicle sales had slumped by 21 per cent year-on-year, and the odds
of robust sales were very slim for the next six to eight quarters. The automotive industry in India directly
or indirectly employed some 37 million people, and any major disruption of automotive industry could lead
to huge job losses at a time when India was already reeling from a job crisis, risking public unrest.44 Experts
also contended that the limitations of LiBs, which accounted for 70 per cent of the cost of e-two-wheelers,
would prevent widespread adoption of EVs. LiBs were expensive and did not support long-distance travel,
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and the raw materials needed to make them were in short supply.45
Lack of awareness about e-two-wheelers was another major hurdle for Indian manufacturers. Although
customers in rural and semi-urban areas typically took shorter and slower trips than their urban counterparts
and were thus more likely to prefer e-scooters, most people in these areas were still unaware of e-two-
wheelers. To target these customers, Indian companies needed both to expand their dealership network to
include locations every 20–40 km and to invest in marketing to increase their product awareness.46
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In addition, most e-scooters were not as powerful as petrol-based models, which could go faster and climb
steeper gradients. In addition, the electricity supply in smaller towns and cities, where demand was picking
up, was irregular, although power shortages were no longer frequent.47 Another major factor limiting the
large-scale deployment and adoption of e-scooters and e-bikes in India was range anxiety; Indian customers
demanded vehicles with longer ranges because of the highly inadequate national charging infrastructure.48
THE WAY FORWARD

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For Mehta, the government mandate that all new two-wheelers with an engine capacity of less than 150 cc would
need to be electric-powered by 2025 was a big opportunity for AE. However, despite his confidence, the task
ahead of him was neither simple nor small. He needed to take his one-city firm to every corner of the country
while dealing with shifting government policies, limited infrastructure, intense competition, and changing
consumer preferences. How should he proceed in appealing to Indian consumers in such a scenario?
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EXHIBIT 1: FUNDING RECEIVED BY ATHER ENERGY
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Year Funding Source Amount
(in US$)
2014 Sachin and Binny Bansal, co-founders of Indian e-commerce giant Flipkart 1 million
2015 Tiger Global 11 million
2016 Hero MotoCorp 32 million
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2019 Hero MotoCorp 19 million
2019 Sachin Bansal 32 million
Source: Ather Energy, “Press and Media–Press Kit,” accessed July 5, 2019, www.atherenergy.com/press.
EXHIBIT 2: COMPARISON OF PETROL SCOOTERS AND SMART E-SCOOTERS
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Parameters Petrol Scooter Smart E-Scooters
Cost ₹45,000–₹60,000 ₹110,000–₹120,000
Top Speed 85–90 kmph 70–80 kmph
Range 40–50 kmpl 60–75 km per charge
Acceleration 0–60 kmph in 7–9 seconds 0–40 kmph in 3.9 seconds
Fuel Costs ₹1.6 per km (approx.) ₹0.08 per km (approx.)
Reliability of Fuel Supply Very high Very low outside Bengaluru
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Number of Fuel Refill 66,408 petrol pumps across India Approximately 150 charging
Spots Available in November 2019 stations across India in June 2019
Notes: ₹ = INR = Indian rupee; ₹1 = US$0.0145 on July 3, 2019; kmph = kilometres per hour; km = kilometres;
kmpl = kilometres per litre of petrol. A range of parameters is provided due to the presence of multiple models.
Source: Compiled by the case author from Zigwheels.com “Best Scooters in India,” accessed November 25, 2019
www.zigwheels.com/newbikes/best-scooters and “Electric Scooters and Bikes”, accessed November 25, 2019,
www.zigwheels.com/newbikes/electric-bikes, from Goodreturns.in, “Petrol Price in India,” accessed November 25, 2019;
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www.goodreturns.in/petrol-price.html; from Sarita C Singh, “Subsidy Proposals this Week to Set Up 5,000 E-Charging
Stations,” Economic Times, June 12, 2019, accessed November 27, 2019, https://economictimes.indiatimes.com/industry/au
to/auto-news/subsidy-proposals-this-week-to-set-up-5000-e-charging-stations/articleshow/69749146.cms; and from PTI,
“Minimum 100 Petrol Pumps, 5% in Remote Areas: India's New Liberalised Fuel Retail Policy,” Economic Times, November
26, 2019, accessed November 28, 2019, https://economictimes.indiatimes.com/industry/energy/oil-gas/minimum-100-petrol-
pumps-5-in-remote-areas-indias-new-liberalised-fuel-retail-policy/articleshow/72240971.cms.
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ENDNOTES
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1
This case was written on the basis of published sources only. Consequently, the interpretation and perspectives presented
in this case are not necessarily those of Ather Energy or any of its employees.
2
Pankaj Doval, “NITI Aayog Pulls Up Bike Companies on Migration to Electrics,” Times of India, June 22, 2019, accessed
July 3, 2019, https://timesofindia.indiatimes.com/business/india-business/niti-aayog-pulls-up-bike-cos-on-migration-to-
electrics/articleshow/69898997.cms.
3
Surojit Gupta and Sidhartha, “Government Wants Petrol Stations to Charge Your Electric Vehicles,” Times of India, July 1,
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2019, accessed July 3, 2019, https://timesofindia.indiatimes.com/business/india-business/govt-wants-petrol-stations-to-
charge-your-e-vehicle/articleshow/70017217.cms.
4
Pankaj Doval and Sharmistha Mukherjee, “Niti Asks Two and Three Wheeler Makers to Present EV Conversion Plan in 2
Weeks,” Economic Times, June 22, 2019, accessed July 12, 2019, https://economictimes.indiatimes.com/news/economy/pol
icy/niti-asks-two-and-three-wheeler-makers-to-present-ev-conversion-plan-in-2-weeks/articleshow/69894009.cms.
5
Sharmistha Mukherjee, “An Electrifying Ride for the New Sparks Caution from Old Guard,” Economic Times, June 19, 2019,
accessed July 3, 2019, https://tech.economictimes.indiatimes.com/news/corporate/an-electrifying-ride-for-the-new-sparks-
caution-from-old-guard/69850560.
6
Ather Energy, “Press and Media—Press Kit,” accessed July 5, 2019, www.atherenergy.com/press.
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7
Ibid.
8
Sharmistha Mukherjee, “With $51m in the Tank, Ather Plans New Scooter Plant and Charging Infra,” Economic Times, June
1, 2019, accessed July 5, 2019, https://auto.economictimes.indiatimes.com/news/two-wheelers/scooters-mopeds/with-51m-
in-the-tank-ather-plans-new-scooter-plant-and-charging-infra/69606467; Ather Energy, op. cit.
9
₹ = INR = Indian rupee; all currency amounts are in ₹ unless otherwise specified; ₹1 = US$0.0145 on July 3, 2019.
10
“Hero Maestro Edge,” motorbeam.com, accessed August 21, 2019, www.motorbeam.com/manufacturers/hero-maestro-
edge-price-review-mileage-features-specifications/.
11
Ather Energy, op. cit.; Mukherjee, “With $51m in the Tank, Ather Plans New Scooter Plant and Charging Infra,” op. cit.
12
Malini Goyal, “Is India’s Automotive Industry Ready for an EV Makeover?,” Economic Times, July 1, 2019, accessed July
3, 2019, https://economictimes.indiatimes.com/industry/auto/auto-news/is-indias-automotive-industry-ready-for-an-ev-
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makeover/articleshow/70005695.cms?from=mdr.
13
Mukherjee, “An Electrifying Ride for the New Sparks Caution from Old Guard,” op. cit.
14
Ather Energy, op. cit.
15
Sharmistha Mukherjee, “Top Automakers Offer Vehicles for a Monthly Rental with No Down Payment,” Economic Times,
June 12, 2019, accessed July 5, 2019, https://economictimes.indiatimes.com/wealth/spend/if-you-dont-want-to-buy-a-car-
well-lease-it-to-you/articleshow/69751067.cms; Ather Energy, op. cit.
16
Mukherjee, “With $51m in the Tank, Ather Plans New Scooter Plant and Charging Infra,” op. cit.; “Press and Media –
Press Kit,” op. cit.
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17
Reuters, “India’s Electric Vehicle Goals Being Realised on Two Wheels, Not Four,” Economic Times, January 14, 2019,
accessed July 10, 2019, https://economictimes.indiatimes.com/industry/auto/auto-news/focus-indias-electric-vehicle-goals-
being-realised-on-two-wheels-not-four/articleshow/67522910.cms?from=mdr.
18
Goyal, op. cit.
19
20
All dollar-denominated currency amounts are in US$.
21
“India Electric Scooters and Motorcycles Market to Reach $698.3 Million by 2025,” Prescient and Strategic Intelligence, May
2019, accessed July 10, 2019, www.psmarketresearch.com/press-release/india-electric-scooters-and-motorcycles-market.
22
“India Electric Scooters and Motorcycles Market Research Report,” Prescient and Strategic Intelligence, May 2019,
No
accessed July 10, 2019, www.psmarketresearch.com/market-analysis/india-electric-scooter-and-motorcycle-market.

23
Ibid.
24
Reuters, op. cit.
25
Nitin Gupta, M. S. Balaji, and Sanjit Kumar Roy, “Impact of Cultural Factors on Indian Consumers’ Brand Preference,” in
Asia Branding—Connecting Brands, Consumers and Companies, ed. Bang Nguyen, T. C. Melewar, and Don E. Schultz
(London, United Kingdom: Palgrave Macmillan, 2017), 17–29.
26
Gupta and Sidhartha, op. cit.
27
Ibid.
28
Hero Electric, “About Us,” accessed July 10, 2019, https://heroelectric.in/about-hero-electric/.
29
“Hero Electric Bikes,” Zigwheels.com, accessed July 10, 2019, www.zigwheels.com/newbikes/Hero-Electric.
30
Goyal, op. cit.
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31
Mukherjee, “An Electrifying Ride for the New Sparks Caution from Old Guard,” op. cit.; Gaurav, “Revolt RV 400 Ropes in
2500 Pre-launch Bookings,” zigwheels.com, July 10, 2019, accessed July 12, 2019, www.zigwheels.com/news-
features/news/revolt-rv-400-ropes-in-2500-prelaunch-bookings/34446/.
32
22 KYMCO, “Read About Us,” accessed July 10, 2019, https://22kymco.in/read-about-us.html.
33
ET Bureau, “22KYMCO to Set Up Manufacturing Unit in Haryana, Unveils 3 Scooters,” Economic Times, June 13, 2019,
accessed July 5, 2019, https://economictimes.indiatimes.com/industry/auto/22kymco-to-set-up-manufacturing-unit-in-
haryana-unveils-3-scooters/articleshow/69764800.cms?from=mdr. In India ex-showroom price is a price at which a dealer
sells EV to retail customers. It includes the dealer margins and applicable taxes; “ex-showroom price” refers to the basic price
Page 8 9B20A013
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of a purchased vehicle and is exclusive of any registration, insurance, or other additional charges that a consumer must pay
to take the vehicle on road.
34
Team Times Drive, “22KYMCO iFlow, Like 200, and X-Town 300i Scooters Launched in India: Know Prices, Specs, and
Features,” Timesnownews.com, June 12, 2019, accessed July 10, 2019, www.timesnownews.com/auto/bike-
news/article/22kymco-iflow-like-200-and-x-town-300i-scooters-launched-in-india-know-prices-specs-and-features/435611.
35
Okinawa Autotech Pvt. Ltd., “About Us,” accessed July 10, 2019, http://okinawascooters.com/about-us/.
36
“Okinawa Scooters,” BikeDekho.com, accessed July 10, 2019, www.bikedekho.com/okinawa-scooters.
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37
Times News Network, “Tork T6X: India’s First Electric Motorcycle Unveiled,” Times of India, October 7, 2016, accessed July
10, 2019, https://timesofindia.indiatimes.com/auto/launches/Tork-T6X-Indias-first-electric-motorcycle-
unveiled/articleshow/54740654.cms.
38
TOI Editorials, “Haste Makes Waste: Niti Aayog’s Proposal to Transition to Electric Vehicles through a Ban Is a Poor Idea,”
Times of India, July 1, 2019, accessed July 3, 2019, https://timesofindia.indiatimes.com/blogs/toi-editorials/haste-makes-
waste-niti-aayogs-proposal-to-transition-to-electric-vehicles-through-a-ban-is-a-poor-idea/.
39
Ibid.
40
Goyal, op. cit.
41
Doval, op. cit.
yo
42
43
BS-VI Stands for Bharat Stage 6 emission norms, which are more stringent than BS-IV (Bharat Stage 4) emission norms
and are comparable to Euro 6 Emission Standards.
44
Goyal, op. cit.
45
Ajay Srivastava, “Dream or Nightmare? Why India Should Postpone Its Electric Vehicle Plans for Ten Years,” Times of
India, June 13, 2019, accessed July 4, 2019, https://timesofindia.indiatimes.com/blogs/toi-edit-page/dream-or-nightmare-why-
india-should-postpone-its-electric-vehicle-plans-for-ten-years/.
46
“India Electric Scooters and Motorcycles Market Research Report,” Prescient and Strategic Intelligence, op. cit.
47
Reuters, op. cit.
48
Ibid.; “India Electric Scooters and Motorcycles Market Research Report,” Prescient and Strategic Intelligence, op. cit.
op
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ATHER ENERGY: MOTIVATING INDIA FOR SMART ELECTRIC

Copyright © 2020, Ivey Business School Foundation Version: 2020-02-14

ATHER E-SCOOTER COMPETITORS

THE WAY FORWARD

EXHIBIT 2: COMPARISON OF PETROL SCOOTERS AND SMART E-SCOOTERS

accessed July 10, 2019, www.psmarketresearch.com/market-analysis/india-electric-scooter-and-motorcycle-market.

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