China curbs on rare earth magnets: Electric Vehicle makers face shortage, approach govt

News Snapshot:

New restrictions on rare earth magnets and related materials imposed by China, as a direct response to US imposing tariffs that kicked in from April 4, are beginning to impact automakers across the world, including electric vehicle manufacturers in India. EV makers here are staring at a potential shortage of the critical components, which raises concerns of price hikes and production delays in a nascent, cost-sensitive segment of the auto market. The Indian car industry is learnt to have initiated a conversation with the government to smoothen the process for procuring the rare earth magnets from Beijing. While the Chinese...