Automotive company executives are flagging a possible shortage of rare-earth magnets from China, which are vital in the production of car parts, Reuters reported Friday.
The shortage of the metals could cause car factories to close, the report said, citing a letter from the Alliance for Automotive Innovation and MEMA, The Vehicle Suppliers Association.
"Without reliable access to these elements and magnets, automotive suppliers will be unable to produce critical automotive components, including automatic transmissions, throttle bodies, alternators, various motors, sensors, seat belts, speakers, lights, motors, power steering, and cameras," Reuters quoted the two groups as saying.
Among those that sounded the alarm are global executives from Toyota (TYO:7203), Hyundai (KRX:011760), General Motors, and Volkswagen, the report said.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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