Auto supply chain: Tata Motors mulls alternate magnet sources amid China curbs, Chandrasekaran says firm has sufficient inventory
Tata Motors
is exploring alternate sources for rare earth magnets and working closely with the government after China restricted exports of critical materials, Chairman
N Chandrasekaran
said on Friday. He was addressing shareholders at the company's annual general meeting.
Responding to concerns over the impact of China's curbs on rare earth element exports, Chandrasekaran said the company is not currently facing any disruption. 'As of now, this is not a concern, but this is something that we are watching very carefully,' he told shareholders.
'We are able to source the magnets that we need, and also we have plans for having the right level of inventory. We are working with the government.
Also, we are working on sourcing from alternate sources,' he added, as quoted PTI.
China's export restrictions have affected sectors including automobiles and white goods, with the domestic auto industry seeking fast-tracked approvals for magnet imports.
On the impact of the Iran-Israel war, Chandrasekaran said it is difficult to predict outcomes in such situations but affirmed the group's resilience. 'They will be able to tide over any of these geopolitical issues in the short term but are completely ready and poised for excellent growth and leverage the opportunity that this industry has to offer,' he said of Tata Motors' commercial vehicle, passenger vehicle, and JLR divisions.
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In his opening remarks, Chandrasekaran noted that volatility from geopolitical conflicts, supply chain shifts, tariffs, and AI and energy transitions will continue to define economic cycles. 'Given the enormous amount of work we have done over the past few years... our businesses are structured to not just handle this environment, but to thrive,' he asserted.
Responding to a shareholder query on expanding the passenger vehicle business overseas, Chandrasekaran said Tata Motors is monitoring global developments.
'This is something that we are always in discussions but we are waiting for the right geopolitical environment to be able to launch but we are getting prepared,' he said.
On the long-anticipated demerger of Tata Motors' commercial and passenger vehicle businesses into separate listed entities, Chandrasekaran said the process should conclude in the December quarter. 'First, the PV company will list and then the CV company will list a couple of months later,' he added.
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