Opinion
EVs reduce emissions even on a 100% coal-based electricity grid
“Even if it was a hundred percent coal based, it will still make sense.”
Insight
Tarun Mehta: Dealership distribution is no longer a moat in India
“Long term distribution is not really a moat in India.”
Assertion Supported
Ather's auto hill-hold feature lasts 10 minutes while Ola's lasts one
“The way we implemented and the way Ola implemented I think Ola's same capability would last a much shorter time. So if you engage this hill hole feature on a steep slope after a minute or so, the motor would be like, okay, now I can't support this. It'll start…”
Assertion Not checkable as stated
EV usage and buying patterns are identical across Indian city tiers
“I think tier one daily usage is 31 kilometers, tier two is like, 32, tier three is like, 29. There is no meaningful difference of usage, daily usage. There is no meaningful difference of buying patterns. Tier one, tier two, tier three.”
Assertion Supported
Tarun Mehta: Ather's charging connector is India's national standard
“Charging standard has become the national standard.”
Assertion Not checkable as stated
Mehta: Viable cell manufacturing in India requires at least 4,000-5,000 crore investment
“The challenge of setting up cell manufacturing in India for a while now has been demanding. And the minimum investment required is pretty high. Like if you're not putting, if you're not bringing four, 5000 crores to the table, practically, it'll be very diffic…”
Insight
Cell manufacturing combines high technical complexity with poor commodity margins
“So I've really considered cell manufacturing is this really complexly bad combo. Very high tech with commodity margins. So it only makes strategic sense. It generally doesn't make cost sense.”
Prediction Not checkable as stated
Mehta: Ather projects 8-10 year battery pack life, rivals will struggle past 5
“So for example, our oldest battery packs are now five years in the field. And we have, they are still at 90% plus health, which means we are now internally starting to project eight to 10 year battery life. We know in the industry that I think most of our comp…”
Insight
Mehta: EV range is a cost and spec decision, not breakthrough technology
“Range is a cost. Range is a product spec decision. How much range is? Obviously, it gets missold as like, you know, somebody's cracked this amazing battery that'll do thousand kilometers in a car. It's only two batteries. It doesn't crack any amazing technolog…”
Opinion
Entering the electric two-wheeler market requires at least $100 million
“So your entry, entry point to building an e-to-wheeler in the market today, your table stakes of just entering this business, in my opinion, is about a hundred million. If you're bringing a hundred million, you can enter the game, and then you'll have to raise…”
Assertion Contradicted
Mehta: Ather has the world's largest electric two-wheeler R&D team
“Yes, that's why I said it's the world's largest R&D for two wheelers, electric two wheelers.”
Assertion Not checkable as stated
Every EV subscription startup quietly pivoted into an auto-financing company
“Every company who's talked about cracking subscription, quickly, quietly became a financing company. Everybody.”
Insight
Tarun Mehta: Good founders ignore Y Combinator advice and follow internal conviction
“Most good founders will be largely driven by their own thoughts. Most good founders are never doing the, what is the current advice or what is the current YC yarn to people. That's for mass consumption. That's content strategy. That's not a good advice on aver…”
Assertion Supported
Mehta: Electric scooters emit 40% less than petrol scooters on current grid
“In scooters at least, our math was, it is. It is 40% less emission than a petrol scooter. You're at least reducing emission to 40%. Even if the grid does not become greener at all.”
Assertion Supported
Tarun Mehta: Ather operates India's largest two-wheeler fast-charging network
“Actually in two wheelers, it's the largest fast charging network in the country.”
Prediction Didn’t hold up
Tarun Mehta: Ather will reach 1,000 touchpoints within 2.5 years
“We'll go from 200 touch points to a thousand touch points in the next two and a half years. At which point you've crossed oil and field scale already.”
Assertion Partly supported
Mehta: Giant battery cell makers operate at thin 4-6% PAT margins
“Most cell manufacturing companies, the really enormous ones, like LG Chem, Panasonic, all these guys, even in the best times that they made cells and sold cells, had like crazy ability to sell price at any point. They can sell at any price, like last year basi…”
Prediction Not checkable as stated
Mehta: Indian EV battery recycling will have guaranteed demand in 10-15 years
“So you set up recycling. I think it is such a stable business. It's two fifty million vehicles going to go to three fifty million vehicles and annually out of that three, thirty million is going to come back. And 1015 years later, a very large chunk of that wi…”
Insight
Mehta: High-end EVs over ₹40 lakh lack ROI unless driven 100km daily
“The problem is the asset cost of an electric car is so high, that the kilometer saving is only worth it if you buy a car in the 10 to 20 lakh range. If you buy like a 80 lakh, 40, even a 40 lakh electric car, you don't have an ROI. Unless you run it like a hun…”
Disclosure
Ather's battery subscription failed because Indian consumers prefer vehicle ownership
“We attempted a variant of it. So I do believe in it, and I still do, and I'm hoping that we learn how to crack it. But back in twenty-twenty ... We said you could take a battery on subscription. ... Enormous, massive community pullback, like pushback, like, be…”
Assertion Supported
Mehta: Ather is the only EV player without fast-charging restrictions
“For example, right now we are the only player where we don't put any restriction on fast charging. So we tell our customers, if you want to fast charge practically every day, be my guest, right?”
Assertion Supported
Mehta: No Indian electric two-wheeler OEM uses liquid cooling due to costs
“Yeah, but none of us in India does liquid cooling for a two-wheeler. Crazy cost structure. Doesn't make sense today.”
Prediction Partly held up
Mehta: Carbon Tax Is Headed to India
“I'm almost certain a carbon tax is headed our way in India.”
Assertion Supported
Mehta: Ather Energy's first patent was for a swappable battery pack
“The first patent we filed at Aether was a swappable battery pack.”
