India is embarking on an ambitious journey to become a dominant force in the global rare earth metals (REMs) market, with a significant seven-year initiative (2025-2032) aimed at bolstering its domestic mining, refining and magnet production capabilities. This strategic pivot comes as the world increasingly relies on these 17 chemical elements, which include the 15 lanthanides along with scandium and yttrium, for cutting-edge technologies that drive electric vehicles (EVs), wind turbines, smartphones and defence systems.

A recent report by Coherent Market Insights stated that despite possessing the world's fifth-largest rare earth element reserves, estimated at an impressive 6.9 million metric tonnes, India has historically been heavily reliant on imports of rare earth magnets. However, the landscape is rapidly changing. The Indian rare earth market, valued at approximately USD 40 million in 2024, is projected to soar to USD 62.0 million by 2030, growing at a compound annual growth rate (CAGR) of around 8 percent starting in 2025.

A key aspect of this initiative involves IREL (India) Ltd., a public sector enterprise, which is increasing its neodymium output. Additionally, new magnet manufacturing plants are being established in Visakhapatnam and other industrial centres. To further secure its supply chain, India has temporarily paused some exports to prioritise domestic needs and has announced significant public-private partnerships for advanced processing facilities. The nation is also actively forging international partnerships with countries in Africa and Central Asia to secure upstream supplies.

This move by India is particularly pertinent given the global concentration of rare earth supply. As of 2023, China is the dominant player, responsible for a staggering 65-69% of total rare earth output and nearly 90 percent of the world's rare earth element processing. China's recent export restrictions on gallium and germanium in 2023, in response to chip sanctions, underscored its willingness to leverage critical mineral supply chains for geopolitical influence. Such actions have accelerated efforts by the U.S., EU, and Japan to diversify their sources.

The global market for rare earth metals is projected to be worth nearly USD 6 billion by 2025, with an anticipated CAGR of 6.4 percent from 2025 to 2032, ultimately reaching around USD 9.3 billion. This growth is primarily fuelled by the shift towards clean energy and the surging demand in the electronics and EV sectors. Neodymium, a key component in permanent magnets used for EV motors and wind turbines, stands out as the most commonly used rare earth metal, holding about 38.1 percent of the market share in 2025.

India's strong emphasis on supply chain resilience, innovation, and environmental sustainability aims to position it as a key player in the global rare earth materials value chain over the next decade.

Mohit Shrivastava, AVP Research, Coherent Market Insights, said, “Rare earth metals are quickly becoming the backbone of both the clean tech and defence sectors. While China currently holds a strong grip on the supply, India has a unique opportunity to shake things up with its abundant reserves and fresh strategic plans. Transitioning from being a mere importer to an active player in the value chain will depend on enhancing refining capabilities, fostering public-private partnerships and navigating geopolitical challenges. Over the next ten years, if India invests wisely in rare earth metals infrastructure, it could emerge as a key regional processing hub – boosting domestic manufacturing and strengthening global supply chain resilience."

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cellcentric, the joint venture between Daimler Truck and Volvo Group, has officially launched its next-generation fuel cell system, the BZA375. Unveiled at Hannover Messe 2026, the system (previously known as NextGen) is designed as a direct competitor to modern diesel engines in terms of performance, durability and total cost of ownership (TCO).

The BZA375 represents a significant advancement over its predecessor, the BZA150, by moving from a ‘twin-system’ to a powerful single-system design. This evolution has resulted in a 40 percent increase in power density, allowing the unit to fit within engine compartments originally designed for standard 13-litre diesel engines. Despite this compact footprint, the system delivers up to 375 kW of continuous net power – equivalent to more than 500 horsepower – while weighing less than 500 kg. This lightweight construction is critical for heavy-duty operators, as it ensures payload capacities remain comparable to those of traditional diesel-powered trucks.

Efficiency and durability are central to the system's value proposition. The BZA375 achieves a 20 percent reduction in fuel consumption compared to the BZA150, enabling a fully loaded 40-tonne truck to operate on less than 6 kg of hydrogen per 100 kilometres. Engineering refinements have also led to a 40 percent reduction in waste heat (at 300 kW net power) and a 40 percent reduction in overall system complexity by minimising components and interfaces. These improvements do not come at the cost of longevity, as the system is rated for a 25,000-hour service life, matching the 10-year operational expectations of modern diesel engines in long-haul transport.

While the BZA375 is primarily optimised for heavy-duty long-haul trucks, cellcentric is pursuing a ‘one-product strategy’ to apply the system across several demanding sectors to create economies of scale:

• Coaches: Offering long-range zero-emission travel with fast refuelling.
• Stationary Power: Serving as a clean energy source for data centres and industrial sites.
• Rail: Providing an alternative for non-electrified tracks or topographically demanding routes.
• Mining: Delivering high reliability and diesel-equivalent payload capacity for 24x7 operations.

Prototype production has commenced, with units currently available to OEM customers for testing and validation. cellcentric anticipates that larger volumes of mature prototypes will be deployed for initial fleet applications ahead of series production scheduled for the turn of the decade.

Karin Radstrom, President and CEO, Daimler Truck, said, “Two key technologies will lead the way on our path to decarbonise transport: battery-electric and hydrogen. We’ve already taken important steps, and cellcentric’s new fuel cell system is the next major milestone. Building on the success of its predecessor, it represents a new level of efficiency and performance.”

Martin Lundstedt, President and CEO, Volvo Group, said, “With the launch of the BZA375, cellcentric and its partners have created the blueprint for zero-emission long-haul transportation in the heavy-duty segment. This is a game changer for logistics providers and society at large, and it takes us yet another step towards the decarbonization of the industry.”

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Youdha, an electric mobility brand specialising in the three-wheeler segment, has announced its expansion strategy to establish over 200 outlets across India within the next year.

The aim is to capture a larger share of the L5 passenger electric vehicle (EV) market, focusing on both metropolitan areas and Tier-II and Tier-III cities. The expansion follows the launch of the company’s flagship model, the EPOD.

The electric three-wheeler uses a Lithium Iron Phosphate (LFP) battery, designed for urban commuting and fleet operations with an emphasis on durability and low maintenance costs.

The retail rollout expansion will begin in North and East India, specifically targeting Delhi NCR, Uttar Pradesh, Bihar, Jharkhand and Assam, before extending into the southern and western regions.

Each new outlet will offer integrated services including sales, technical support, and financing options. To support this network, Youdha is increasing production capacity at its manufacturing facility and investing in further localisation of components. The strategy aims to address both business-to-business (B2B) fleet requirements and individual ownership.

Ayush Lohia, CEO, Youdha, said, “Our vision is to make Youdha one of the most trusted and accessible EV brands in India. Expanding to 200 outlets is not just about scale – it is about ensuring that customers have reliable access to products, service, and support wherever they are. As demand grows, building a strong on-ground ecosystem becomes critical. This is not just about selling vehicles – it’s about building a complete ecosystem that supports customers throughout their ownership journey.”

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Bengaluru-based electric vehicle company Simple Energy has opened its first Simple Store in Nagpur, marking a further expansion of its retail network in Maharashtra.

Established in partnership with Trinity Automobiles, the facility includes a 700 sqft showroom and a dedicated 1,300 sqft service centre located nearby. The dual launch of retail and service facilities is part of the company's strategy to provide immediate after-sales support to new owners.

The Nagpur outlet displays the manufacturer's full range of electric two-wheelers, including the Simple Ultra, which features an IDC range of 400 km. Also available are the Simple One Gen 2, offering a 265 km range, and the Simple OneS Gen 2, with a 190 km range. Prices in Maharashtra start at INR 164,999 for the OneS Gen 2, reaching INR 234,999 for the flagship Ultra model.

At present, Simple Energy operates approximately 70 outlets across 36 Indian cities, including Bengaluru, Delhi and Hyderabad. The company intends to continue its national expansion with upcoming locations planned for Ranchi and Bhubaneswar. The Nagpur store is equipped to handle customer test rides, accessory sales, and vehicle bookings.

Suhas Rajkumar, Founder & CEO, Simple Energy, said, “We’ve made rapid progress in Maharashtra with recent launches in Nashik and Chhatrapati Sambhaji Maharaj, among others, and our upcoming Nagpur launch is a key step in this expansion. It strengthens our presence in high-potential EV markets and brings the Simple Energy experience closer to customers. With this, we aim to accelerate the shift to electric mobility by offering long-range, dependable and truly worry-free two-wheelers - while moving closer to our goal of making high-performance EVs accessible to more riders.”

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Bengaluru-headquartered Ultraviolette Automotive has launched its second UV Space Station in South Delhi, increasing its retail and service network to 35 cities across India.

The experience centre, established in partnership with Moto Power Mobility, facilitates the sale and servicing of the X-47 Crossover and F77s electric motorcycles. This expansion follows the recent introduction of the company’s ‘Battery Flex’ (BaaS) platform and the UV Crossfade carbon-fibre helmet.

The X-47 Crossover and F77s are equipped with a powertrain delivering 40.2 hp and 100 Nm of torque, enabling acceleration from 0 to 60 kmph in 2.8 seconds. It features a 10.3 kWh battery, the motorcycles provide an IDC range of 323 km on a single charge. The X-47 Crossover also includes a 77 GHz rear radar as standard, supporting the UV HyperSense Advanced Rider Assistance System, which provides blind-spot monitoring, lane change assist and rear collision warnings.

To increase accessibility, Ultraviolette has implemented the Battery Flex ownership model. This allows customers to purchase the X-47 Crossover chassis for INR 149,000, while subscribing to the battery via a monthly fee starting at INR 2,499. The South Delhi facility is designed to manage the entire customer lifecycle, including personalised test rides, sales and technical service.

Narayan Subramaniam, CEO & Co-Founder, Ultraviolette, said, “Delhi has always been at the forefront of change, and the Government’s active push towards electrification to counter the long-term impact of pollution- highlights the city’s commitment towards a sustainable and clean future. The launch of our second experience centre here is a strong reflection of the city’s growing demand for electric vehicles, as well as our commitment to deepening our presence in key markets. We are seeing a clear shift towards customers who value technology, design and safety, and Delhi embodies this evolution. As we continue to scale across India, our focus remains on building a robust, future-ready ecosystem and delivering a seamless, world-class ownership experience.”

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