Ola Electric vs Ather Energy: Who wins the EV race?

Just a couple of weeks after Ola Electric's IPO delivered bonanza returns on its listing day, its direct rival Ather Energy filed its IPO papers on September 9, 2024. The Bengaluru-based electric two-wheeler manufacturer aims to raise Rs 3,100 crore through a fresh issue. While there is hype around Ather, a closer look reveals financial woes. So, let's look at what's ailing the e-scooter maker: 1. Expensive EV scooters Ather's entry-level scooter starts at Rs 1.12 lakh as of FY24, due to a few hi-tech features like smart helmet integration and inter-city trip planners. Ola Electric's lowest-priced model comes in at Rs 80,000, hitting the sweet spot for regular buyers. Given this context, Ola Electric reported sales of 3.29 lakh units, while Ather reported just over 1.09 lakh units. 2. Branding yet to hit the mark Ola Electric also benefits from its established brand presence, thanks to its ride services business through the Ola mobile app. Even Ather's founder, Tarun Mehta, admits, "Their marketing is damn good!" Despite superior products, Ather Energy struggles to sel