Maruti Suzuki Tackles Rare Earth Magnet Shortage

Maruti Suzuki India announced Thursday its proactive measures to mitigate potential disruptions in manufacturing due to a critical rare earth magnet shortage. The scarcity arises from recent Chinese export restrictions.

The carmaker reassured stakeholders of no immediate impact on operations, attributing this stability to their ongoing pursuit of multiple solutions. As uncertainties grow, Maruti remains vigilant and promises to update stakeholders about any significant business impacts in accordance with regulatory standards.

This shortage affects the wider Indian automobile industry, particularly electric vehicle production, due to China's dominance in processing key materials. The industry collectively urges governmental assistance to expedite necessary import approvals for rare earth elements such as samarium and dysprosium.

(With inputs from agencies.)