Rare earth magnet key in vehicle production

A disruption in rare earth magnet supplies lasting beyond a month can impact production of passenger vehicles, including electric models, weighing on the domestic automobile industry’s growth momentum, a report on Tuesday said.

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Rare earth magnets, low in cost but critical in function, could emerge as a key supply-side risk for India’s automotive sector if China’s export restrictions and delays in shipment clearances persist, Crisil Ratings said in a statement.