Rare earth magnet crisis gripping auto industry

- MOXYIND-

- AGENCIES

As China's curbs on rare earth magnets send ripples across global automotive, defence and consumer electronics supply chains, India's fledgling EV ecosystem must finally reckon with its overreliance on China.

A delegation of auto industry representatives is gearing up for a China visit to expedite the import of rare earth magnets to Indian entities, as per the industry sources.

What are Rare earth magnets?

Rare earth magnets are crucial for a variety of electronics. In the automotive scheme of things, they're needed for ICE vehicles as well, featuring in the motors found in power steering, windscreen wipers, etc. However, for EVs, they are indispensable as they're part of the Permanent Magnet Synchronous Motors, which deliver high torque, are energy efficient, and are compact in size.

What next?

After China's statement on rare earth magnet, around 40-50 company executives have received visa approval but still await a go-ahead from the Chinese commerce ministry for a meeting regarding the matter. No approvals have been granted so far, another source added.