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

Ola Electric's focus on profitability has led to a market share decline, with Ather Energy closing the gap. The electric two-wheeler segment faces challenges due to China's rare earth magnet export restrictions, impacting production even for major players like Bajaj Auto and TVS Motor. Meanwhile the Bhavish Agarwal-led electric scooter maker is undertaking the uphill task of developing alternative motors.