India Extends Localisation Deadline for EV Bus and Truck Traction Motors to 2026

The Indian government has extended the deadline for local manufacturing of traction motors with rare-earth magnets used in electric buses and trucks under the Rs 10,900 crore PM E-DRIVE scheme to September 1, 2026. This marks the second extension, allowing manufacturers to import these critical components amid global supply chain challenges and rare earth magnet shortages, particularly due to export restrictions from China. The move aims to support early market growth while promoting eventual localisation and supply chain security.