China has begun issuing licences to import rare-earth magnets (REMs) into India, offering some relief to Indian automobile and electronics manufacturers who have been facing supply disruptions for months.
China controls a large share (90%) of the world’s production of rare earth magnets, which are essential components used in automobiles, electric vehicles (EVs), electronics, medical equipment and defence systems.
China controls a large share (90%) of the world’s production of rare earth magnets, which are essential components used in automobiles, electric vehicles (EVs), electronics, medical equipment and defence systems.
The approvals are being granted to a limited set of companies, including Jay Ushin, Indian units of German auto parts maker Continental AG, and suppliers linked to major vehicle manufacturers such as Mahindra, Maruti Suzuki, and Honda Scooters and Motorcycles.