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Global automakers are in crisis mode as China tightens export controls on rare-earth magnets, a critical component in modern vehicles. Frank Eckard, CEO of German magnet maker Magnosphere, reports a flood of desperate calls from auto and parts manufacturers fearing factory shutdowns by mid-July. With China controlling over 90% of rare-earth magnet production, companies are struggling to find alternatives.
The auto industry is facing what could become its third major supply chain shock in five years—after the 2020 COVID-19 lockdowns and the 2021–2023 semiconductor shortage. Despite previous lessons, industry leaders like Eckard believe little has changed, as firms remain dangerously reliant on Chinese supply chains.
Rare-earth magnets are essential for electric motors, sensors, pumps, and speakers found in both electric and combustion-engine vehicles. The average EV uses around 0.5 kg of rare earth elements, double that of a gasoline car. CLEPA, Europe’s automotive supplier association, warns that plant shutdowns are already underway.
Efforts to reduce dependence on China are in motion. Automakers like GM, BMW, and suppliers such as ZF and Aptiv are investing in rare-earth-free technologies, but most alternatives are years from large-scale production. The EU’s Critical Raw Materials Act and initiatives from companies like Heraeus, Niron, and Warwick Acoustics are promising, but scaling remains a challenge.
In the short term, automakers are scrambling to secure export permits and build stockpiles. Analysts warn the crisis could lead to unfinished cars parked indefinitely, echoing the semiconductor shortage. With China also dominating global supply of other key materials like graphite and manganese, experts say this is a wake-up call for the industry’s overreliance on one supplier.
