Sona Comstar to make EV magnets

THE COMPANY, WHICH supplies gears and motors to car makers such as Tesla and Stellantis, imported 120 metric tonnes of magnets from China in the last financial year.

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Singh said the company will look at the government incentives once they are finalised, and other factors, to determine its investment in the local manufacturing. He said the company has the funds for local manufacturing, citing its five-fold increase in revenue to more than $400 million over the past five years. Any plans to mine and process rare earths would take years to develop, so will not provide an immediate solution to reducing relianc