Tata Motors Eyes Rare Earth Magnet Sources, Has Enough Stocks

Tata Motors is among businesses affected by China's export curbs on rare earth magnets

- Ayaan Kartik

Tata Motors Ltd has enough stock of rare earth magnets, and the company is scouting for new sources amid China's export curbs, Tata Sons chairman Natarajan Chandrasekaran said. "As of now, we are OK; we are not facing any issues. We are able to source the magnets we need, and are working on securing alternative sources of rare earth magnets," Chandrasekaran said at the company's 80th annual shareholders' meeting on Friday. "We are working with the government (on the issue)."

Tata Motors, India's largest automaker by revenue, is among numerous businesses affected by China's export curbs on rare earth magnets, which are critical in automotive, aerospace, and electronics industries. Though the curbs were imposed in April as a trade war between the US and China and flared, the two rivals have since reached a deal. However, exports to India remain blocked, and domestic companies are pushing the government to engage Chinese officials to ease supplies.