India must work with China on EV tech for 5-10 yrs: Minda

India should collaborate with China for the next five to 10 years on electric vehicle (EV) technologies, given Beijing’s lead in the field, as long as it does not come at the cost of national security or sovereignty, said Nirmal Kumar Minda, executive chairman of auto component maker Uno Minda.

- DEEPAK PATEL

“De-risking from China isn’t easy. Around 40 per cent of vehicles made there are electric. They are the world leaders now. We should work with China, not by compromising national security, but by creating a win-win situation,” Minda told Business Standard in an interview.

Since April this year, China has restricted the export of rare-earth permanent magnets (REPMs) to India, hitting production in the domestic automobile industry. REPMs are essential for traction motors used in electric vehicles, and nearly 90 per cent of global production takes place in China. The country also dominates in rare-earth mining and in the machinery required to convert rare-earth oxides into magnets.