Govt, Tata Motors working to fetch alternate sources for rare magnets

Tata Motors is working with the government and is also taking steps to procure magnets from alternate sources in the wake of China restricting exports of rare earth elements, company Chairman N Chandrasekaran told its shareholders Friday.

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Responding to queries from shareholders on the impact of China's move to restrict exports of rare earth elements and shortage of magnets, he said, "As of now, this is not a concern, but this is something that we are watching very carefully."

China's restrictions on the export of rare earth elements and related magnets are affecting the domestic auto and white goods sectors. The automobile industry had sought government support in expediting approvals from the Chinese government for importing rare earth magnets used in various applications, including passenger cars.