tvs motor: Ather Energy defers Rs 26 crore PM E-DRIVE claims amid magnet shortage

Electric two-wheeler maker Ather Energy has deferred claims worth around Rs 26.2 crore under the government’s PM E-DRIVE scheme for about 52,500 scooters, following a global shortage of heavy rare earth magnets caused by China’s export restrictions.

The Bengaluru-based company said in a filing to stock exchanges that it had to temporarily adjust traction motor manufacturing, deviating from domestic sourcing rules under the Phased Manufacturing Programme (PMP).

Ather said it is in discussions with the Ministry of Heavy Industries (MHI) to seek a…