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Auto companies 'in full panic' over rare-earths bottleneck

  Copy link into your clipboard //automotive-transportation.news-articles.net/co .. s-in-full-panic-over-rare-earths-bottleneck.html
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          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
Frank Eckard, CEO of a German magnet maker, has been fielding a flood of calls in recent weeks. Exasperated automakers and parts suppliers have been desperate to find alternative sources of magnets, which are in short supply due to Chinese export curbs.
The article from MSN discusses the growing concern among auto companies regarding the bottleneck in the supply of rare earth elements, crucial for manufacturing electric vehicle (EV) components like batteries and motors. The demand for these materials has surged due to the global push towards electric vehicles, leading to fears of shortages and price volatility. China currently dominates the rare earth market, controlling a significant portion of both mining and processing, which adds geopolitical tension to the supply chain issues. In response, auto manufacturers are exploring alternative materials and technologies, as well as seeking to diversify their supply sources to mitigate risks. The situation underscores the challenges the automotive industry faces in transitioning to sustainable transportation solutions.

Read the Full Reuters Article at:
[ https://www.msn.com/en-us/news/world/auto-companies-in-full-panic-over-rare-earths-bottleneck/ar-AA1Gmjlo ]