India Addresses Rare Earth Magnet Shortage in EV Sector
The Indian government is taking steps to reduce its dependence on imported rare earth magnets critical for electric and hybrid vehicle production. Through the Production Linked Incentive Scheme for Automobiles and Auto Components, India plans to enhance domestic capabilities by focusing on advanced automotive technology, including alternative motor technologies free from rare earth elements. The Union Cabinet has approved a major financial initiative aimed at establishing significant manufacturing capacities for sintered rare earth permanent magnets, signaling a strategic move to strengthen the local supply chain.
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