Ather Energy Limited has informed the Exchange regarding 'deferring claims under the PM E-DRIVE scheme for limited vehicles'.
ATHERENERG · price
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Ather Energy has informed exchanges that it is deferring demand incentive claims worth Rs. 262.50 million under the PM E-DRIVE scheme for up to 52,500 vehicles. The reason is China's export ban on heavy rare earth magnets, which disrupted the global supply chain and forced Ather's motor suppliers to temporarily deviate from the Phased Manufacturing Program (PMP) guidelines on domestic fitment of magnets in traction motors. The company is in talks with the Ministry of Heavy Industries for a temporary exemption. On the positive side, Ather has successfully developed a Heavy Rare Earth Free (HREF) motor and received CMVR type approval from ARAI, and has started getting PM E-DRIVE eligibility certificates for HREF motors across its models.
Short-term negative: Rs. 262.50 million of incentive income is deferred (not lost, pending MHI approval), creating a minor hit to near-term revenue recognition. However, the HREF motor approval signals a credible long-term solution to the rare earth supply risk and reduces future dependency on China.