Story: Auto executives are driven to their workshop again.
They fear that China's strict export controls on rare earth magnets (which is crucial to make cars) may weaken production.
Today, cars use rare earth-based electric motors in dozens of components.
They include side mirrors, speakers, oil pumps, wipers and sensors for fuel leakage and brake sensors.
Electric vehicles use more rare earths than burning engine cars.
Industry leaders fear that this could be the third large-scale supply chain shock in five years.
Semiconductor shortages eliminate millions of cars from production plans between 2021 and 2023.
Prior to that, the pandemic had been shut down for weeks.
This time, with the tightening of rare bottlenecks, there are almost no good choices in the industry.
That's because China dominates the market.
According to industry data, it controls about 70% of global rare earth mining, 85% of oil refining capacity, and about 90% of rare earth metal alloys and magnet production.
The fate of automakers’ assembly lines has been left to a small team of Chinese bureaucrats as it reviews hundreds of applications for export permits.
In Europe, the region's auto supplier association says several factories have been closed and there are more power outages.
