Ather Energy Defers Rs 262.50 Million in PM E-DRIVE Claims Amid Rare Earth Magnet Supply Disruption

Ather Energy has postponed demand incentive claims worth Rs 262.50 million under the PM E-DRIVE scheme, affecting up to 52,500 vehicles. This decision comes in response to global supply chain disruptions caused by China's export ban on certain heavy rare earth magnets. The company is seeking a temporary exemption from domestic fitment requirements for magnets and has developed an alternative Heavy Rare Earth Free (HREF) motor. Ather has received type approval from ARAI for this innovation and is beginning to receive PM E-DRIVE eligibility certificates for HREF motors across different models.