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Twowheeler electric vehicle manufacturer Ather Energys Chief Executive Officer CEO Tarun Mehta said that the company remains largely unaffected by Chinas move to restrict exports of rare earth magnets to India among other nations reported the news portal Moneycontrol on Saturday April 26Tarun Mehta also addressed that Chinas move is more towards the relationship between the nation and India These rare earth magnets are key materials in parts or components used in motors fitted in electric vehiclesWe largely remain unaffected by this It is more towards the USChina relationship not us said Mehta according to the news reportMehta also mentioned that the twowheeler EV makers supply chain is secure as of now but the lithium cells which are an essential component are still being imported from ChinaOur focus is to partner with more domestic players said Mehta cited by the news portal The company has partnered with Amara Raja and LG Energy Solutions for the battery cell supplies as the brand aims to diversify and localise its supply chain in India according to the news reportThis comes ahead of the companys initial public offering IPO which is scheduled to start its public subscription from April 28 to April 30 The company intends to use the funds raised to establish an electric twowheeler manufacturing facility in Maharashtra and to reduce its existing debtAccording to Mints earlier report on April 25 China imposed restrictions on the export of rare earth magnets which will likely hurt Indian companies that produce critical parts required to run electric vehiclesChina has started asking for enduser certificates to clear exports of these magnets according to a CNBCTV18 reportThe certificate needs to be signed by a director of the importing company which discloses that the enduse of the magnets along with pictures of the product where they will be used a person aware of the development told MintHowever the restrictions are not specific to India and were brought into effect on April 4 after US President Donald Trump announced his reciprocal tariffs on many nations escalating a trade war between the United States and other world nationsAccording to the industry experts cited in the report Chinas move can turn out to be a major worry for EV makers who source motors locally or produce them on their ownThis can also potentially slow down the production rate of the electric vehicles and increase the waiting period for the final customersCatch all the Business News Market News Breaking News Events and Latest News Updates on Live Mint Download The Mint News App to get Daily Market Updates