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EV firms eye govt aid amid magnet crisis
Mint Chennai
|May 20, 2025
China controls almost the entire global supply of rare earth magnets that are essential for electric motors
India's top automotive companies are knocking on the doors of the commerce ministry expressing concerns that disruptions in the supply of rare earth magnets from China could bring their production to a stop.
Representatives from the Society of Indian Automobile Manufacturers (SIAM) and the Automotive Component Manufacturers Association of India (ACMA) met officials at the commerce ministry on Monday to express their grievances, three industry executives aware of the matter said.
The representatives had approached the Prime Minister's Office on Friday, two of the executives said, asking not to be identified as they are not authorized to speak to the media.
China controls almost the entire global supply of rare earth magnets that are essential for making compact, powerful and efficient electric motors.
This story is from the May 20, 2025 edition of Mint Chennai.
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