TATAMOTORS — Indian e-bus, e-truck makers may seek third waiver on localization norms

Indian electric truck and bus manufacturers are considering seeking a third extension on local sourcing requirements under the PM E-Drive scheme due to the persistent unavailability of domestically produced rare earth magnets. The industry, represented by Siam, previously received six-month waivers in September 2025 and March 2026 after China restricted magnet exports. The ₹10,900 crore scheme has struggled to gain traction, with only three e-trucks subsidized and concession agreements signed for a fraction of the 13,800 sanctioned e-buses.