The former head of policy for India at Tesla Inc. is joining local electric scooter startup Ather Energy Pvt. It is one of the best-funded young companies in a market that draws record investments.
A person with knowledge of the matter reported that Manuj Khurana left his position as Tesla’s regional head of policy and business development in June. The following week, he will begin working at the company based in Bangalore, a southern technological hub.
Khurana will join as a vice president. Although it could be more evident what his exact responsibilities would be because the situation is private, the person added.
Ather energy raised funds from investors
This year, Ather raised $128 million from investors, including Hero MotoCorp Ltd. and India’s National Investment & Infrastructure Fund. Ather competes against regional rivals such as Ola Electric.
It is one of several companies competing for a piece of a market that is expected to grow 400 times its current size surely by the end of the decade to over $150 billion.
The startup’s representatives did not immediately answer a request for comment.
Indian consumers are predicted to favor electric vehicles as the country battles some of the worst pollutions in the world.
According to a news panel New Energy Finance, venture capital and private equity funding for Indian electric mobility companies are on course to reach $1 billion for the first time in 2022 as sales increase gradually.
Tesla hired Khurana in March 2021. The US electric vehicle manufacturer, led by billionaire Elon Musk, has encountered numerous difficulties in India due to import taxes and a local factory.
One reason can be to test the market by selling less expensive imported electric vehicles before committing to a manufacturing base of its own, and it has sought lower taxes in India.
Speaking of Khurana, he argued for more than a year that the Indian government should reduce the import tax on electric vehicles.
He urged us to reduce it from 100% to 40%. Tesla claimed that this would enable it to test the market with imports from its manufacturing hubs like China before investing in a factory.
