Exploring alternative sources of rare earth magnets: Chandra

30% EV penetration aimed ahead of 2030 target

- SOHINI DAS

Tata Motors is hoping to beat its target year of 2030 and have 30 per cent of its portfolio comprising electric vehicles (EVs), according to Chairman N Chandrasekaran, who was speaking at the company's last annual general meeting (AGM) ahead of its demerger.

EVs constitute 15 per cent of the company's sales. As it eyes growth in EVs, the company is keeping a close watch on shortages in rare-earth magnets (critical EV components) and also exploring alternative sourcing options.

At the AGM, which started with a one-minute silence to honour those who died in the recent Air India crash, Chandrasekaran assured the shareholders of the company that the recent crisis around the availability of rare-earth magnets was not a concern as of now for Tata Motors.

"We are not facing any issues. We are able to source the magnets that we need and we also have plans for having the right level of inventory," Chandrasekaran said.