India, Sept. 26 -- Two-wheeler EV maker Ather Energy has decided to defer the submission of claims for demand incentives to the tune of INR 26.2 Cr (about $3 Mn) under the Centre's PM E-DRIVE scheme due to rare earth magnet shortage.

In an exchange filing, the company said it deviated from the manufacturing guidelines prescribed under the PM E-DRIVE scheme and the Phased Manufacturing Program (PMP) due to the ban on exports of certain categories of heavy rare earth magnets by China.

Ather said that due to the problem which was beyond its control, the company, through its motor suppliers, had to make temporary adjustments and deviations from PMP guidelines in the manufacturing process for traction motors, specifically concerning the dome...