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India's EV push hits a snag—magnets running out fast
India's electric vehicle scene is facing a sudden halt because rare earth magnets (the stuff that makes EV motors run) are running out fast.
Stocks might dry up by July 31, 2025, and government incentive delays aren't helping.
With more people wanting EVs during peak season, manufacturers are feeling the squeeze.
China supplies these magnets
China supplies these magnets and just tightened export rules, causing shipment delays.
Since India doesn't make these magnets locally, the gap keeps growing.
Car makers are scrambling to keep production going—Ola Electric says they're testing alternative motors but the deadline's close.
If things don't improve soon, your next EV might be stuck in limbo.