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Electric scooter maker Ather Energy will not be impacted by China's recent move to curb exports of rare earth magnets to India, CEO and co-founder Tarun Mehta said on April 26 in a media briefing ahead of its IPO.

“We largely remain unaffected by this. It is more towards the US-China relationship, not us,” Mehta said, addressing concerns after recent reports about China tightening supplies of key materials used in EV components.

Rare earth magnets are critical for the motors used in electric vehicles, and China is the dominant global supplier.

However, Mehta emphasized that Ather’s supply chains are secure for now. He added that while rare earth magnets are not a concern, lithium cells — an essential component of EV batteries — continue to be sourced from China.

“Our focus is to partner with more domestic players,” Mehta said. Ather has already tied up with Amara Raja and LG Energy Solutions for battery cell supplies, as part of a broader strategy to diversify and localize its supply chain.

The comments come just days before Ather Energy’s highly anticipated initial public offering (IPO), which is set to open for subscription on April 28.

The IPO will consist of a fresh issue of shares worth around Rs 2,626 crore and an offer-for-sale (OFS) component by existing shareholders, including NIIF.

Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather has grown into one of India's top electric two-wheeler manufacturers, competing with players like Ola Electric, Bajaj and TVS Motor Company.

Proceeds from the IPO are expected to be used for expanding manufacturing capacity, investing in research and development, setting up new retail outlets, and strengthening the charging infrastructure under the Ather Grid network.

Ather Energy’s IPO comes at a time when India’s EV market is expanding rapidly, backed by government incentives and rising consumer interest in sustainable mobility solutions.

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