Sona Comstar to manufacture magnet for electric vehicles in India
Global automotive technology firm, Sona BLW Precision Forgings Limited (Sona Comstar), has plans to locally manufacture the critical components used in electric vehicles (EVs). The firm is the first company in India to announce plans to make magnets domestically after the government's program to incentivise magnet production locally to wean off China.
China, which produces around 90% of the world's rare earth magnets, put restrictions in April on their exports as part of its response to U.S. tariffs.
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