The Union Cabinet, Chaired by Prime Minister Narendra Modi, has approved a Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets with a financial outlay of INR 72.8 billion.

The initiative aims to establish 6,000 Metric Tonnes per Annum (MTPA) of integrated Rare Earth Permanent Magnet (REPM) manufacturing in India. The government states this will enhance self-reliance and position India as a key player in the global REPM market.

REPMs are types of permanent magnets vital for electric vehicles, renewable energy, electronics, aerospace and defence applications. India’s demand for REPMs is met primarily through imports, but consumption is expected to double by 2030 from 2025.

The scheme will support the creation of integrated REPM facilities, covering the conversion of rare earth oxides to metals, metals to alloys and alloys to finished REPMs. This step supports the Atmanirbhar Bharat Abhiyan and India's Net Zero 2070 commitment.

The total financial outlay of INR 72.8 billion consists of INR 64.5 billion towards sales-linked Incentives on REPM for five years. While the remainder INR 7.5 billion towards capital outlay for setting up 6,000 MTPA of manufacturing facilities.

The total capacity will be allocated to five beneficiaries through a global competitive bidding process, with each receiving up to 1,200 MTPA of capacity.

The scheme duration is seven years from the award date, including a two-year gestation period for setting up the integrated facility and five years for incentive disbursement.

The government states this initiative is a step towards strengthening the domestic REPM manufacturing ecosystem and enhancing competitiveness in markets globally.

Shailesh Chandra, President, SIAM, “The Indian automobile industry welcomes the Government of India’s newly announced scheme to promote the domestic manufacturing of Rare Earth permanent magnets, with an allocated outlay of INR 72.8 billion. This initiative is a significant step toward building a resilient and stable supply chain, particularly for components and sub-assemblies essential for the production of electrified vehicles.  
The scheme is expected to accelerate adoption of clean mobility solutions and support India’s broader sustainability goals. By strengthening indigenous manufacturing capabilities, it will contribute to reducing carbon emissions and lowering dependence on crude oil imports, further enhancing the nation’s energy security.”

Vikrampati Singhania, President, ACMA, “ACMA wholeheartedly welcomes the Cabinet’s approval of the REPM Manufacturing Scheme. This is a strategic and forward-looking intervention that addresses one of the most critical gaps in the EV and advanced mobility ecosystem. Rare Earth Permanent Magnets are foundational to electric motors and high-efficiency systems, and the establishment of a domestic, integrated manufacturing base will significantly strengthen India’s technological competitiveness. This initiative will not only reduce import dependence but also provide long-term resilience to the automotive supply chain, encourage investments in advanced materials, and position India strongly in global value chains for EVs and clean energy. We commend the Government’s vision and remain fully committed to supporting the industry in leveraging this opportunity for innovation, value creation, and Atmanirbhar Bharat.”

Stephane Deblaise, CEO, Renault Group India, “The Government’s decision of investing INR 72.8 billion for India’s first integrated Rare Earth Permanent Magnet manufacturing scheme is a pivotal step in strengthening the nation’s self-reliance aspirations. This initiative reflects India’s strategic intent to strengthen its rare-earth refining capabilities and accelerate high-value manufacturing.  For the automobile sector, localizing rare earth magnets will boost growth for both auto OEMs and component manufacturers, support clean energy powertrains, reduce import dependence, deepen the domestic value chain and enhance long-term competitiveness. We welcome this vision and look forward to contributing to a robust, future-ready mobility landscape that supports India’s sustainable growth and its ambition to become a global automotive hub.”  

Jaideep Wadhwa, Director, Sterling Tools, "The Government scheme to invest nearly INR 75 billion in Sintered Rare Earth Permanent Magnet production is a very timely and welcome move.  This, along with the plans for semiconductor and cell manufacturing, reaffirms the country’s commitments to electrification. However, this one initiative, aimed at adding 6,000-tonne capacity over seven years, will not be a panacea for all REM availability issues. India must also promote technologies to reduce the overall dependence on rare earth magnets. A holistic solution must include development of magnet free motor technologies. Fortunately, great progress has been made in magnet free technologies in recent years. Indian OEs and Tier 1s need to work together to commercialise these technologies at the earliest."

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Cars24, a leading online vehicle selling and buying marketplace, has reported that it has processed 1.1 trillion AI (artificial intelligence) tokens during Q1 of FY2026, marking a shift in its business model.

The company stated that AI expenditure now represents 8.88 percent of the company's salary run-rate, with 95 percent of its employees use AI weekly and 89 percent of production code is AI-assisted, contributing to a reported 3x increase in engineer productivity.

Furthermore, for customer operations, AI platforms analysed 9.81 million conversations. Voicebots handled 2.58 million minutes and chatbots processed 550,000 requests.

In terms of inspections, 80 percent of vehicle inspections – totalling 288,000 – were conducted via AI-led systems, reducing the average inspection time from 45 minutes to 26 minutes.

AI-led loan disbursals accounted for 65 percent of the total, amounting to 4,158 disbursals. The company’s Document AI processed 850,000 documents, while its Agentic AI platform executed 5.71 million workflows.

At present, Cars24 operates six in-house platforms supporting 25 use cases, including computer vision, lending and workflow automation. Its imaging platform processes 50,000 vehicle images per month.

Vikram Chopra, Founder & CEO, Cars24, said: "AI is no longer improving isolated workflows, it is becoming the operating system of Cars24. Processing over one trillion AI tokens in a single quarter reflects the scale at which intelligence now powers every part of our business. From customer conversations and vehicle inspections to engineering and operations, we are building one AI that understands context, learns continuously and simplifies every stage of vehicle ownership."

Looking forward, Cars24 plans to develop a unified AI layer that integrates buying, selling, financing and ownership services by utilising its data from the past 11 years.

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Tata Elxsi, a leading design and technology solutions company, has announced its financial results for Q1 FY2027, reporting operating revenue of INR 10.21 billion, up 2.8 percent over the previous quarter and 14.5 percent YoY.

For Q1 FY2027, the company’s EBITDA came at INR 2.16 billion with a margin of 21.2 percent and a profit after tax (PAT) of INR 1.7 billion, up 18.2 percent YoY.

The company’s revenue from the transportation segment grew 13.3 percent YoY, supported by engagements in off-road and aerospace segments. Automotive OEM revenue now accounts for 78 percent of the division's total revenue. The media & communications segment revenue grew 22.2 percent YoY, while healthcare and life sciences clocked 1.7 percent growth QoQ.

Manoj Raghavan, CEO and Managing Director, Tata Elxsi, said, “For the quarter, Tata Elxsi delivered a healthy performance with growth in our two primary verticals, supported by strong deal execution and continued momentum in large strategic engagements. We also crossed a key milestone of reporting operating revenue of more than Rs. 1,000 crores in the current quarter. The performance in the quarter reflects the strength and increasing relevance of our design-led and AI-enabled engineering capabilities in our chosen industries.”

“FY2027 marks a year of future focus for the company, as we prepare and equip ourselves for a world reshaped by AI. We are making targeted investments in specialized talent, AI powered platforms, tools and infrastructure, to pivot to a Domain + AI future. These investments are enhancing customer value creation with tangible outcomes and opening new avenues for growth and positioning us for the year and decade ahead,” he concluded.

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Chinese automotive major BYD Group showcased eight model debuts at the 2026 Goodwood Festival of Speed, where it occupied a 2,016 square metre stand. The display featured vehicles from the BYD, DENZA and YANGWANG brands, with several models participating in the hillclimb event.

At the event, BYD introduced the DOLPHIN G DM-i, a supermini featuring Dual Mode Super Hybrid technology that pairs an electric motor with a 1.5-litre petrol engine. The manufacturer also presented the SHARK pickup, which produces 436PS and accelerates from 0-62mph (0-100 kmph) in 5.7 seconds.

DENZA unveiled the Z sports car, a coupe with 1604PS and a top speed of 217mph (350 kmph), which was presented by Stella Li and 2009 Formula 1 World Champion Jenson Button. The brand also displayed the BAO 5 SUV, which incorporates DMO (Dual Mode Off-road) technology. Additionally, DENZA demonstrated charging speeds of up to 1,500kW, allowing vehicles to charge from 10-70 percent in five minutes.

YANGWANG exhibited the U9 Xtreme, a production car with a top speed of 308.3mph (496 kmph) and a 1200V powertrain. The brand also displayed the U8L SUV and the U7 saloon.

Stella Li, Executive Vice President, BYD, said, "It's been an exciting privilege to play such a central role at this year's Goodwood Festival of Speed. Our stand has been the focal point for thousands of visitors, who've been able to explore a host of new models – our incredible DENZA Z and DENZA BAO 5, as well as the BYD SHARK and, for the first time in the UK, the DOLPHIN G DM-i. We've really enjoyed meeting car enthusiasts from around the world, and it's been a particular thrill to see our cars, such as the YANGWANG U9X, going up the iconic hillclimb. Goodwood really is a global centrepiece for car culture, and we're delighted to have been able to show how our new-energy technologies are creating advances in sustainable mobility around the world."

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European commercial vehicle major IVECO and PETRONAS Lubricants International (PLI) have renewed their strategic partnership for five years, extending the agreement through 2032.

The collaboration continues the supply and joint engineering of lubricants for IVECO’s vehicle portfolio in Europe, including engine oils, transmission fluids, brake fluids and coolants.

The partnership focuses on the development of IVECO URANIA engine oils and IVECO TUTELA technical fluids. These products are recommended by IVECO and result from joint research and development. Recent innovations include the launch of Urania Next 0W-16, a lubricant formulated for heavy-duty applications.

Domenico Nucera, Chief Quality & Operations Officer, Iveco Group, said, "The renewal of the agreement with PETRONAS Lubricants International confirms the strength of a long-standing collaboration built on shared technical expertise and a common ambition to continuously improve performance, efficiency, and sustainability across our vehicle and powertrain portfolio. Through the co-engineering of our IVECO URANIA and IVECO TUTELA ranges, we are able to deliver solutions that maximise vehicle uptime, optimise total cost of ownership, and support our customers and dealer network with the highest standards of quality and reliability."

Domenico Ciaglia, Group Chief Strategy & Transformation Officer, PETRONAS Lubricants International (PLI), said, "This partnership renewal demonstrates what can be achieved through a long-term forward-thinking collaboration, with consistency, and a shared commitment to excellence. Through continuous product innovation, we have been able to co-develop market-leading solutions such as the Urania Next 0W-16 engine oil formulation, seamlessly integrated into IVECO's ecosystem. This collaboration enables us to deliver greater value to the industry by combining our expertise and driving innovation together. Looking ahead, PETRONAS Lubricants International remains fully committed to supporting the IVECO Group with forward integrated reliable, high-performance products and solutions that create lasting value for its network and customers. This renewed collaboration further reinforces the foundation of PLI's broader strategic roadmap, demonstrating how technical excellence and trusted partnerships can drive sustainable, long-term value internationally."

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