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Time of India
28 minutes ago
- Time of India
Bajaj, Ather, TVS to cut output amid rare earth magnet shortage on China restrictions
India's top electric two-wheeler makers, including Bajaj Auto , Ather Energy and TVS Motor Company , are set to cut production this month due to a prolonged disruption in the supply of heavy rare earth (HRE) magnets from China. The shortage, now in its fourth month, is threatening to slow the sector's rapid growth, industry executives said. Bajaj Auto , India's second-largest EV two-wheeler maker, is likely to halve its output, while Bengaluru-based Ather Energy plans to scale down production by 8-10 per cent , people familiar with the developments told ET. TVS, which has topped sales for three consecutive months, is also expected to pare production. All three firms are grappling with the shortage of HRE magnets, critical for electric traction motors. "The disruptions in the EV supply chain, particularly concerning magnet availability, continue to pose challenges in the short to medium term," a TVS Motor spokesperson said. "We are working actively to mitigate the prevailing challenges." Former market leader Ola Electric, however, said it will maintain production uninterrupted, having stockpiled rare earth magnets ahead of time. "There is no impact on production because of the rare earth magnets," an Ola Electric spokesperson said, declining to elaborate further. These four firms account for eight out of every ten e-two wheelers sold in the local market. "We've started to see some production disruption on the Chetak line," said Rakesh Sharma, executive director at Bajaj Auto. "Our R&D and procurement teams are working on alternatives, which are now in advanced stages of development," he said. An email sent to Ather remained unanswered until press time Thursday. The automobile industry and the central government have been holding discussions with Chinese authorities to restore supplies of rare earth elements (REEs) and magnets and also have initiated negotiations with alternative suppliers like Vietnam, Indonesia and Japan. However, the shortage is persisting. "There has been no progress on resuming magnet imports from China," said a senior industry executive. "TVS, Bajaj, and Ather are the first to be hit, but the entire segment could face disruption if the issue drags on." In June, the Society of Indian Automobile Manufacturers (SIAM) had warned that if supplies did not resume soon, manufacturers could be forced to scale back output due to dwindling inventories. "If the current standoff continues, the EV sector's momentum could lose steam just as it begins to scale up," a top executive at a leading original equipment maker (OEM) told ET on condition of anonymity. The challenge comes at a time when the electric two-wheeler market continues to gain traction. Their sales surged 34 per cent year-on-year in the first quarter of FY26 to about 298,000 units, according to data from the government's Vahan portal. Meanwhile, Ola has an inventory of rare earth magnet to last at least five to six months and it's also working on alternate supply chain solutions, people aware of the company's plans said. The company may even marginally increase production in July, they said. A lesser impact on Ola also comes against the backdrop of the company's underperformance. Ola Electric slipped to third place in June for the second straight month.
Time of India
29 minutes ago
- Time of India
Love Island USA season 7 episode 27 recap: five Islanders dumped following fan vote
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Time of India
42 minutes ago
- Time of India
Trump may start telling nations new tariff rates on Friday
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