Reported 3 days ago
Global auto executives are expressing urgent concerns over a potential shortage of rare-earth magnets from China, critical for producing various automotive components. A letter from major automakers indicated that without reliable access to these materials, U.S. vehicle manufacturing could face disruptions, including possible factory shutdowns. Recent trade discussions revealed that while China has agreed to lift some export restrictions, the slow progress in granting export licenses is raising alarms about the sustainability of U.S. auto production.
Source: YAHOO