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Sona Comstar to produce rare earth magnets locally, reducing India's reliance on China.
Sona Comstar, India's top rare earth magnet importer, will start local production of these EV components to reduce dependency on China, which controls 90% of the global market.
India, home to the world's third-largest car market and fifth-largest rare earth reserves, is incentivizing domestic production to lessen reliance on China.
Sona Comstar is the first to announce plans for local production under the government's new program.
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Sona Comstar para producir imanes de tierras raras a nivel local, reduciendo así la dependencia de la India en China.