NEW DELHI: Maruti Suzuki , India's largest carmaker on Monday said that its production has not been affected so far by China's export restrictions on rare earth magnets, which are crucial components in vehicles.
When asked how many weeks of inventory Maruti Suzuki has before its production could be affected, the company said it has already submitted an import application and cannot provide specific details until a response is received.
"It is not a restriction. It is an endorsement of end use. In case there is an issue, we will ... inform all our stakeholders, including the stock exchange," Rahul Bharti, senior executive director, corporate affairs, told reporters, according to Reuters.
The company further added that it is in talks with the government to understand the new rules and their potential impact.
China, which dominates over 90% of global magnet processing capacity used across automobiles, appliances and renewable energy sectors, implemented new permit requirements in April.
The Society of Indian Automobile Manufacturers warned commerce ministry officials that component manufacturers' stocks might deplete by May's end.
"Starting end May or early June, auto industry production is expected to come to a grinding halt," the organisation said in their report during a meeting in May, which included representatives from Maruti and other automotive executives.
Suzuki Motorcycle India reported a 16% year-on-year increase in total sales for May, reaching 1,28,896 units compared to 1,11,512 units in the same month last year.
When asked how many weeks of inventory Maruti Suzuki has before its production could be affected, the company said it has already submitted an import application and cannot provide specific details until a response is received.
"It is not a restriction. It is an endorsement of end use. In case there is an issue, we will ... inform all our stakeholders, including the stock exchange," Rahul Bharti, senior executive director, corporate affairs, told reporters, according to Reuters.
The company further added that it is in talks with the government to understand the new rules and their potential impact.
China, which dominates over 90% of global magnet processing capacity used across automobiles, appliances and renewable energy sectors, implemented new permit requirements in April.
The Society of Indian Automobile Manufacturers warned commerce ministry officials that component manufacturers' stocks might deplete by May's end.
"Starting end May or early June, auto industry production is expected to come to a grinding halt," the organisation said in their report during a meeting in May, which included representatives from Maruti and other automotive executives.
Suzuki Motorcycle India reported a 16% year-on-year increase in total sales for May, reaching 1,28,896 units compared to 1,11,512 units in the same month last year.
You may also like
Mass shooting in Toronto: At least one dead, 5 hospitalised; probe on
Elon Musk calls Donald Trump's Big Beautiful Bill a 'disgusting abomination'; how White House reacted
Found & released: 3 Indians missing in Iran rescued by cops in Tehran; all you need to know
IPL 2025: Kohli's RCB became champion for the first time, became the eighth team to win the trophy, defeated Punjab in the final..
Baked beans will taste way better with 'delicious flavour' if you add 1 ingredient
