Reported about 11 hours ago
Global automakers are racing to secure crucial rare earths before Chinese export restrictions take effect, concerned about potential parts shortages and factory closures. China dominates the rare earth market, controlling up to 70% of mining and a significant share of refining and production. While companies aim to find alternatives, the lack of viable sources outside China complicates efforts. Some automakers are developing motors with reduced rare earth content, but many solutions may take years to implement, leaving them vulnerable to China's supply influence.
Source: YAHOO