New Delhi, Jul 30 (PTI) Hyundai Motor India 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.

Also Read | New UPI Rules Effective From August 1, 2025: From Daily Balance Check Limits to Autopay Timing Restrictions, List of Key Changes for People Using GPay, PhonePe, Paytm and More.

"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.

The automaker is continuously working with the supply partners to mitigate any kind of supply chain disruptions at the production facilities, he added.

Also Read | Pradhan Mantri Fasal Bima Yojana 2025 Deadline: Who Can Apply, Documents Required and How To Claim PMFBY Crop Insurance Before July 31.

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.

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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)