Ather pauses ₹26.25cr EV incentive claim over China magnet ban
Ather Energy has hit pause on claiming ₹26.25 crore in government incentives for up to 52,500 electric scooters under the PM E-DRIVE scheme.
The reason? China just banned exports of some key rare earth magnets, which has thrown a wrench into Ather's supply chain and forced them to tweak their motor manufacturing process.
Ather is asking the government for a temporary break
To keep things moving, Ather is asking the government for a temporary break from strict domestic magnet rules.
They've also developed a new Heavy Rare Earth Free (HREF) motor—already approved by ARAI—to cut reliance on those restricted Chinese magnets and keep earning eligibility for EV incentives.
Shares are up nearly 30% over the last month
Even with shares dropping 4.44% on September 25, they're up nearly 30% over the last month—indicating that investors are staying optimistic despite these bumps.