India launches rare earth magnet scheme to boost EV supply chain

hindustantimes.com

India launched a ₹7,280-crore scheme to manufacture rare earth magnets, aiming to reduce EV supply chain risks. This initiative addresses India's reliance on China for these crucial components, essential for electric vehicle powertrains, by funding domestic extraction, processing, and manufacturing. The scheme supports companies through subsidies and aims to build 6,000 tonnes of annual magnet capacity, though it doesn't resolve issues like imported lithium-ion cells.


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India launches rare earth magnet scheme to boost EV supply chain | News Minimalist