Move swiftly on EVs

The rare earth magnet crisis is here and now and should be tackled immediately

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The auto sector is inching towards a serious production crisis, and the government should not treat it as a future problem. The rare earth magnet (REM) shortage, triggered by China's export controls, is already tightening its grip on electric and even internal combustion engine vehicle manufacturing. Bajaj Auto Managing Director Rajiv Bajaj recently said that the company may be forced to halt EV production in the coming weeks. Maruti Suzuki has slashed its EV production target for the e-Vitara by nearly 70%. Maybe Bajaj is being too alarmist, but the fear of supply chain disruptions are certainly real if imports don't resume. So, to delay action on the premise that problems may surface maybe next year or so is risking a lot.