Prime Time Zone, Webdesk: Leading electric two-wheeler maker Author Energy is expected to raise Rs. 635 crore will be invested. The company, which started operations from Hosur in January this year, has achieved 90 per cent localization of spare parts, including the battery, according to a statement from Author Energy. At present the plant has an annual capacity of 1.1 lakh scooters and 1.2 lakh batteries. ‘The launch of the Hosur Production Plant is a key milestone for Author Energy. Consumer demand has multiplied.
As well as expanding into new markets, the company will cater to demand across the country with state-of-the-art facilities, ”said Taru Mehta, Chief Executive Officer and Co-Founder, Author Energy. In addition to electric vehicle manufacturing, the company will also focus on lithium-ion battery manufacturing. This is going to be crucial for the company to move forward, hence the need to raise Rs. He explained that Rs 635 crore is being allocated for investments. The company estimates that the investment will create new jobs and create more than 4,000 jobs in the next five years.
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