Archive · 24 Jun 2025
India Mulls Magnet Scheme Amid EV Manufacturing Push
India is dealing with a shortage of special magnets needed for electric cars.
The government is planning to help companies make these magnets in India and is also looking to buy them from other countries.
A new plan to give money to magnet makers is being discussed, and a website for electric car makers has opened up to encourage manufacturing in India.
The government is also reaching out to car companies to join the scheme.
India is considering a subsidy scheme for rare earth magnet production.
The government is exploring sourcing from countries like Australia, Brazil, Japan, and Vietnam.
The Ministry of Heavy Industries launched a portal for EV manufacturing.
Stakeholder consultations are ongoing to determine subsidy amounts.
The SPMEPCI portal for EV manufacturing will remain open until October 21st.
- Who
- The Ministry of Heavy Industries, Indian Rare Earth Magnets Ltd, and potential rare earth magnet producers.
- What
- India is addressing the rare earth magnet shortage and promoting domestic EV manufacturing.
- When
- The government may decide on the magnet subsidy scheme in the next 15-20 days; the SPMEPCI portal opened June 24, 2024, and closes on October 21, 2025.
- Where
- India
- Why
- To secure magnet supply, boost domestic manufacturing, and promote the EV market.
Government
Tata Motors
Addressing the Shortage
Government
Secure rare earth magnet supply
Tata Motors
No significant immediate impact
- Magnet Subsidy Scheme
- Under consideration
- Scheme Launch Date
- June 24, 2024
- Portal Closing Date
- October 21, 2025
- Rare Earth Magnet Source Exploration
- Australia, Brazil, Japan, Vietnam
- Midwest Rare Earth Magnet Production Target
- 500 tonne by end of year, 5,000 tonne next year
Sources
Big Push for EVs! Govt Launches Portal To Attract Electric Vehicle Manufacturers – Key Details Inside
No 'Make in India' for China EVs as Tesla, others invited to join new manufacturing scheme
Tesla only keen on selling their cars in India, no further plans: H D Kumaraswamy
Govt opens portal for auto-makers to apply under electric car scheme
Govt to decide subsidy scheme for rare earth magnet production in 15-20 days: Kumaraswamy
Govt launches portal for Electric Passenger Car manufacturing scheme, invites applications
Centre rolls out Rs 4,150 cr EV push, invites Tesla, global giants to manufacture locally
Centre weighing incentives to boost rare earth processing, says govt official
Elon Musk's Tesla only eyes Indian sales; has no plan to set up manufacturing unit, says HD Kumaraswamy
Tesla is only interested in selling cars in India: HD Kumaraswamy
No immediate impact of rare earth magnet shortage on EV launches, portfolio: Tata Motors
