Reported 1 day ago
The auto industry is facing a severe crisis as rare-earth magnets, essential for car production, are in short supply due to Chinese export restrictions. Executives from automakers have confirmed that without alternative supplies, their factories could face shutdowns soon, leading to panic within the industry. Despite efforts to develop alternatives to rare-earth materials, most solutions are years away from being scalable, while China's dominance in the rare-earths market leaves little room for maneuver. This situation raises fears of another major disruption in the automotive supply chain, reminiscent of previous crises involving semiconductors and pandemic-related factory shutdowns.
Source: YAHOO