Lithium import may weigh on EV battery making: Maruti Chief RC Bhargava

Hansalpur, Gujarat: Supply curbs on rare earth magnets by China, the world’s dominant supplier, was a “warning signal”, RC Bhargava, chairman, Maruti Suzuki said on Tuesday, noting that the heavy reliance on imported raw materials is deterring companies from investing in local manufacturing of electric vehicle batteries in India due to the associated risks.

“What I hear now is that the rare earth (magnet) problem might get solved, but it was a warning signal,” said Bhargava. “If I was an investor, I would very much have in mind the risk element of setting up a battery plant, and depending on imported lithium, and that import largely coming from one supplier. It is a very big risk.”