Ather Energy narrows gap with Ola Electric as EV sales decline amid rare earth magnet crunch

Ola Electric’s shift from chasing growth to focusing on profitability has come at a cost. Its market share in the electric two-wheeler segment slipped to 17.2% as of July 27, down from 19.9% in June, as per Vahan data. Ather Energy, its listed rival, is now within striking distance, clocking 13,187 units this month for a 16.5% share.

The gap of just 526 units between Ola Electric and Ather Energy in July so far marks a sharp narrowing compared with June, when Ola Electric had sold over 5,000 units more than Ather Energy.

Ola Electric reported a net…