Maruti the latest victim of HRE Magnets shortfall

Suzuki has cut its near-term production target for the e-Vitara, its first electric vehicle, by two-thirds due to shortages of rare earth materials, according to a company document. Initially aiming to produce 26,500 units between April and September, it now plans to make just 8,200. The move highlights the impact of China’s export curbs on critical components used in EVs. While Maruti claims no immediate production disruption, the supply crunch threatens its broader EV ambitions and could affect exports to Europe and Japan. The e-Vitara is key to Maruti’s strategy as India aims for 30% EV sales by 2030. Despite scaling back, the company remains committed to meeting its annual target of 67,000 EVs by ramping up output later in the year. This highlights the inherent issue in near term with regard to HRE Magnets and EVs as such. This might put stress on pure EV plays a lot more like & ATHER ENERGY. The Chinese government rejected Sona Precision Forgings’ () application to import rare earth magnets (REMs), making it the first Indian company to face such a decision under China’s tightened export control regime.