EV maker Ampere’s scale shrinks 46% in FY24; losses multiply 11X

Ampere, an electric vehicle (EV) manufacturer, has seen a decline in its scale by 46% in FY24, as its losses have surged 11 times. Despite having gained traction in the Indian EV market, Ampere’s financial performance has taken a hit due to rising operational costs, supply chain disruptions, and increased competition. The company had ambitious plans to scale up production, but these were hindered by market volatility and regulatory challenges. Ampere is now focusing on cutting costs, improving product quality, and seeking strategic partnerships to stabilize its financial condition and regain its market share.