Millionaire Mondays by Backstage with Millionaires India Is #1 in EV Two Wheelers. Tarun Mehta Explains Why.
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Nov 13, 2023 Tarun Mehta, Co-founder of Ather Energy, discusses building Ather S340 and 450, Indian EVs vs Chinese EVs, India becoming the biggest EV exporter, struggles of building an EV company, hardware wave, taking feedback, asteroid mining, and the future of the energy industry.
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Early Days at Ather
- Tarun Mehta's team was the largest in the world dedicated to building an electric two-wheeler.
- A respected supplier told him the venture was "stupid" and "crazy" due to its high investment before profits.
India vs China EV Markets
- The Chinese electric two-wheeler market is dominated by slow, low-power vehicles, unlike India.
- Indian consumers prioritize trust and value, often choosing more expensive, premium two-wheelers.
Indian Consumer Behavior
- Indian two-wheeler customers don't prioritize the cheapest option, contrary to popular belief.
- They value trust and reliability, demonstrated by market leaders like Honda Activa being in the top pricing quartile.