SEPTEMBERASIA BUSINESS OUTLOOK9Ather Energy projects that electric two-wheelers could achieve 40 percent penetration in India by FY31, supported by new EV launches, government incentives, and expanding charging infrastructure.In FY25, electric two-wheelers accounted for 5.8 percent of total sales, up from 5.1 percent in FY24, with electric scooters capturing 16 percent of scooter sales. India's two-wheeler market stood at 20 million units in FY25, according to VAHAN and SIAM data.Ather expects the electric two-wheeler market to grow at a 41 percent CAGR, compared to just 2 percent for the ICE segment, with scooters leading adoption.It estimates that 7075 percent of scooters could be electric by FY31, while motorcycles may only reach around 10 percent electrification due to rural charging constraints. To meet demand, Ather is expanding production with a new Maharashtra plant, boosting annual capacity to 1.4 million units.India's EV adoption has been remarkably fast. Electric two-wheelers grew from 0.19 percent in 2020 to over 6 percent by 2024, peaking at 8.7 percent in March 2025--a 45x increase in under five years. This acceleration outpaces typical technology adoption curves such as smartphones or internet penetration.The shift is driven by strong cost savings: electric two-wheelers are up to 70 percent cheaper to run than petrol models, saving households Rs. 3,000Rs. 5,000 monthly on fuel and servicing. For India's price-sensitive middle class, these savings are transformative. The market demonstrates a scooter-first EV transition, unlike Western car-led EV adoption, reflecting India's urban commuting patterns and infrastructure realities. Tokyo-based Metaplanet has expanded its Bitcoin holdings by acquiring 1,009 BTC worth about US$112 million, bringing its total to 20,000 BTC.The latest purchase was made at an average price of US$111,100 per bitcoin, according to the company's disclosure. This milestone makes Metaplanet the sixth largest public company holding Bitcoin, as per Bitcointreasuries.net rankings. The company's rapid accumulation is striking--Metaplanet doubled its holdings from 10,000 BTC to 20,000 BTC in under three months, with an ambitious year-end target of 30,000 BTC. To achieve this, the firm recently announced plans to raise 130 billion yen (US$880 million) through an international share offering, primarily to fund further Bitcoin purchases.Metaplanet's strategy mirrors MicroStrategy's corporate Bitcoin treasury model, which has seen significant success in the U.S. Like MicroStrategy, Metaplanet is exploring borrowing against its Bitcoin holdings to acquire cash-generating businesses, signaling a long-term strategy of using BTC as both a treasury reserve and financial collateral.This aggressive accumulation comes amid a supply-demand imbalance in the Bitcoin market. Corporations are collectively purchasing around 1,755 BTC daily, compared to miners producing only 450 BTC, meaning businesses are absorbing Bitcoin nearly four times faster than new supply enters circulation. With more than 90 public companies now holding over 948,000 BTC, corporate treasuries have increased Bitcoin holdings by 347 percent since 2022.Metaplanet's swift rise underscores how companies adopting this treasury strategy can scale rapidly in an increasingly supply-constrained Bitcoin market. ATHER SEES 40% EV TWO-WHEELER PENETRATION BY FY31METAPLANET DOUBLES BITCOIN HOLDINGS TO 20,000 BTCNEWSROOM· Hyundai Motor Group to invest USD 26 bn in US between 2025 to 28· The new establishment will include new steel mill, expanded auto capacity, and robotics hub· 25,000 new US jobs expected which will be strengthening Korea and US industrial ties· Acwa Power raises SAR12.8bn (USD 3.4bn) to build two gas-fired plants· Projects Rumah 1 and Nairiyah 1 to add 3,600 MW capacity· CEO targets USD 250bn valuation by 2030 and PIF holds 44.16 percent stake
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