No impact of rare earth curbs on production so far: Maruti – OXBIG NEWS NETWORK-OxBig News Network

Maruti Suzuki India Chairman R C Bhargava on Monday said there is no impact on the company’s production due to the shortage of rare earth magnets as of now.

His comments come against the backdrop of restrictions imposed by the Chinese government since April 4 on the export of rare earth elements and related magnets. China has mandated special export licences for seven rare earth elements and related magnets.

China controls over 90 per cent of global processing capacity for the magnets, used across sectors including automobiles, home appliances and clean energy.

Production activity at the country’s largest carmaker was going as planned, he said.

When asked if the company sees a production crunch over the next few months due to the issue, he noted: “If the licenses come through and they are supposed to come through, there would not be a problem.”

The auto industry has sought government support in expediting approvals from the Chinese government.