India’s Electric Vehicle (EV) manufacturers are fearing imminent plant shutdowns as their crucial rare earth magnet inventories are set to run dry by July 31. This looming manufacturing halt is dramatically magnified by the government’s alarming delay in disbursing incentives under both the Production Linked Incentive (PLI) scheme and the Prime Minister Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme.
Industry sources reveal a grim picture: several Original Equipment Manufacturers (OEMs) of electric two- and three-wheelers are teetering on the edge, with only days of rare earth magnet supply remaining. The dire situation is compounded by the prohibitive cost of exploring alternatives, which would inevitably lead…
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