Ford Forced to Idle Multiple US Plants on China Magnet Shortage

Ford Motor Co. temporarily idled factories in the US over the last three weeks due to a shortage of magnets containing rare earth minerals, key components embroiled in US trade tensions with China.

Chief Executive Officer Jim Farley said the situation demonstrates the need to develop a domestic supply chain for critical auto components. China has instituted a new approval process for exports of rare earths that has slowed supply lines.