India's Varroc developing rare earth-free EV magnet to cut China reliance

InterviewAuto parts maker has cut use of heavy rare earths after Beijing's export curbsArjun Jain, CEO and whole-time director of Varroc Engineering's India business, says that the auto parts maker's growth prospects are largely driven by electric vehicles. (Nikkei montage/Source photos by AP and Varroc)SAYAN CHAKRABORTYAugust 27, 2026 11:01 JSTBENGALURU -- In the wake of China's export curbs on widely used rare earths last year, Varroc Engineering, one of India's largest auto component manufacturers, is developing traction motors for electric vehicles that do not require the minerals, underscoring concerted efforts by businesses to reduce their supply-chain reliance on China.