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Ford struggles with supply of rare earth magnets, CEO tells Bloomberg News
- Ford Motor Co CEO Jim Farley said on June 13 that the company continues to struggle with rare earth magnet supplies, which forced temporary factory shutdowns including a week-long halt at its Chicago Explorer SUV plant.
- The shortages stem from China's April export licensing rules that tightened rare earth supplies to Western manufacturers and introduced an approval process causing delays.
- Farley explained that Ford has multiple export license applications pending at China’s Ministry of Commerce, which are being approved slowly, one at a time, impacting production schedules.
- On June 11, U.S. and Chinese negotiators reached an agreement for Beijing to resume regular exports of rare earths, with President Trump reporting the deal would speed export license approvals.
- Ford remains cautiously optimistic that trade talks will ease constraints but the recurring supply issues highlight the risks of heavy reliance on China for critical materials vital to automotive production.
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The shortage of rare earths threatens to cause a crisis bigger than that of microchips, with global supply almost entirely dependent on China and time running out.
Bloomberg News CEO: Ford has a shortage of rare-earth magnets
·New York, United States
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These raw materials, essential for the automotive industry, have become one of the axes of the tariff negotiations between the big economic powers USA and China reach an agreement principle to de-escalate the trade war They are essential raw materials for various industrial and technological sectors and have become currency in the trade and tariff negotiations. China decided in April to put limits on exports of the so-called rare earths and that…
·Spain
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Coverage Details
Total News Sources21
Leaning Left6Leaning Right2Center6Last UpdatedBias Distribution43% Left, 43% Center
Bias Distribution
- 43% of the sources lean Left, 43% of the sources are Center
43% Center
L 43%
C 43%
14%
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