Ather Energy shares end nearly 9% higher: All key announcements during the weekend you need to know

The stock on Monday eventually ended at ₹489.30, up 8.70%.

The electric two-wheeler maker on Saturday unveiled a new two-wheeler platform for a new generation of electric scooters across multiple segments.

The company also announced a series of other significant product and technology developments, including showcasing a concept moto-scooter, Redux, and AtherStack 7.0, which would alert riders to share live location, report on potholes and crashes, and update them on tyre pressure, among others.

"Built for versatility, scalability, and cost optimisation, the new e-scooter platform is the first vehicle architecture since the launch of Ather 450," the company announced at an event.

"With the EL platform, we are laying the foundation for Ather's next phase of growth. Just as the 450 defined our first chapter, EL will define the next, enabling us to develop multiple types of scooters at scale far more efficiently," said Tarun Mehta, co-founder & CEO of Ather Energy, at the event.

This platform-first approach enables faster innovation and improved efficiency, serviceability, and rider experience, Mehta said, adding the latest platform reflects years of learning, deep R&D, and engineering.

Mehta said the Ather's new factory at Chhatrapati Sambhajinagar will scale with EL platform products to meet growing demand effectively.

Ather Energy targets 20% market share

Additionally, Ather Energy co-founder and CEO Tarun Mehta has said the automobile industry needs more hedging by way of roping in more countries and suppliers to avert issues like the restricted supply of rare earth elements and magnets faced by original equipment manufacturers recently.

Mehta said that the company in the near term was looking at a 20% market share.

The first product from the latest two-wheeler architecture is expected to be rolled out next year.

"I think it (the issue of restricted supply of rare earth magnets) is sorted out for now. But I think the better answer now is to move away from heavy rare earths to at least light rare earths, which is what we are trying to do at Ather. And the faster we get away, I think the better we will all be," Mehta told PTI in a post-launch interaction with PTI.

Eventually, the world is very volatile now, "and we need solutions...we need more hedging. We need to hedge different countries; we need to hedge different suppliers altogether," Mehta said.

Rare earth metals and magnets are critical components used in electric vehicles and electronics.

In April, China, which dominates the supply of these vital minerals, restricted the supply, impacting the domestic automobile industry significantly.