Hyundai says no impact on production due to rare earth magnet shortage
on Wednesday said the company is not facing any production issues due to the shortage of rare earth magnets.
Replying to a query in the company's earnings conference call, Hyundai Motor India Head of Investor Relations K S Hariharan noted that the company is maintaining an adequate inventory of the rare earth magnets.
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"We are not facing any issue. We are continuously working with our vendor partners to take care of the inventory. We are already having adequate inventory for the near term," Hariharan said.
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The automaker is continuously working with the supply partners to mitigate any kind of supply chain disruptions at the production facilities, he added.
The recent imposition of export restrictions by China on key rare earth magnets has resulted in supply chain bottlenecks impacting the user industries, including the auto and electronics sectors.
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China currently dominates the global rare earth magnet supply chain, controlling over 90 per cent of global processing capacity. These magnets are essential components across sectors like automobiles, household appliances, and renewable energy.
The Chinese government has mandated, from April 4 onwards, that special export licences be required for seven rare earth elements and associated magnets.
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