Ford Motor faces difficulty in supplying rare earth magnets

Business Business: Ford Motor Company is facing supply problems of rare earth magnets, the company’s CEO told a US media in an interview. China, which controls more than 90% of the global rare earth resource, tightened its export rules in April. This has made it difficult for companies making cars, fighter jets and home appliances in Western countries to get raw materials.

However, China has recently issued temporary export licenses to the top three US automobile companies, including Ford. Despite this, Ford is facing supply problems on a daily basis, due to which some factories have to be closed.