Mahindra, Minda Eye Local Magnet Production

Indian auto company Mahindra & Mahindra (M&M) and parts maker Uno Minda are looking to make rare earth magnets locally to cut reliance on China, as New Delhi draws up incentives for production of the critical components, people aware of the matter told Reuters.

- Reuters

China, which produces about 90% of the world's rare earth magnets, put restrictions in April on their export, and while it has restarted some supplies to US and Europe, Indian companies are still awaiting clearance from Beijing.