No impact of rare earth magnets shortage on production in near future: JSW MG Motor

While the global automotive industry is facing a shortage of rare earth magnets owing to China's ban on the critical element, JSW MG Motor on Wednesday claimed that the OEM has not been impacted due to the crisis. The carmaker has said that the shortage of the key component has not impacted its production as of now is unlikely to impact it in the immediate future. However, the carmaker is keeping a close eye on the developments.

The shortage of rare earth magnets is expected to hit hard the electric vehicle manufacturers as well as the internal combustion engine-propelled vehicle makers. The key component is used heavily in both electric vehicles as well as in ICE models. JSW MG Motor sells both electric cars and ICE models in the Indian passenger vehicle market.

Speaking on the rare earth magnet crisis, Anurag Mehrotra, Managing Director, JSW MG Motor, said that it is a serious issue, and it is an issue on which the industry body is working alongside the government to find a resolution. The critical material shortage not only impacts EVs, but ICE products as well, PTI has quoted him as saying. He also reportedly said it was important to ensure that, as an association, industry body, we work alongside the government to have this issue addressed, which is the key. "I think we are getting all the support right now from the government in terms of ensuring that they are able to push the discussions further to try and address these issues that are coming up. Because it impacts many components both in ICE and EV, so if someone thinks that this is only impacting EVs, that is not true," Mehrotra reportedly said.

He emphasised that these are the components which go into many of the modules of the cars, and therefore, it is very important that the association is working very closely with the government to ensure that this issue does not impact the production for all OEMs. Whether it's passenger and commercial vehicles or two-wheelers, everybody is going to see an impact of the same, he added.

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