Rare earth magnet crisis may be too good to waste for India's EV ambitions

China's near monopoly on rare earths has rattled Indian automakers, triggering a diplomatic push and renewed urgency for local processing capacity

When Beijing announced in April that it would tighten its grip on exports of rare earth-related items, the reverberations were swift — and worldwide. The move, enforced by China’s Ministry of Commerce and the General Administration of Customs, has sent tremors through global automobile industry, including India’s electric vehicle (EV) sector.

 

At the G7 Summit that opened on Sunday in Canada, rare earth supplies are high on the agenda. Canadian Prime Minister Mark Carney, laying out the priorities for his country’s G7 presidency, spoke of “fortifying critical mineral supply chains” as one of three core missions to shore up economic