Indian electric-scooter maker Ather Energy reduced its first-quarter loss to ₹1.78 billion ($20.3 million) for the three months ended 30 June, from ₹1.83 billion a year earlier. Revenue surged 79% to ₹6.45 billion as sales nearly doubled to 46,078 units, lifting the company’s adjusted gross margin to 23% from 19%. Chief Executive Officer Tarun Mehta said on a post-earnings call that China’s April export ban on rare-earth magnets will likely cause only about a week of supply disruption in the current quarter, which Ather intends to manage with existing inventory. The Bengaluru-based firm is also evaluating a switch to more widely available light rare-earth magnets to mitigate future risks. Backed by Hero MotoCorp, Ather entered the EV market in 2018 but faces intensifying competition from Ola Electric and established automakers. The company’s shares climbed as much as 19.4% to a record ₹414.65 on Monday after the results were released.