Foreign media: Global automakers are urgently seeking rare earth resources to cope with China's upcoming export restrictions.
China controls 70% of global rare earth mining, 85% of refined capacity, and about 90% of rare earth metal alloy and magnet production. Rare earths are widely used in automotive parts such as side mirrors, speakers, and oil pumps, and are indispensable in electric vehicles.
Despite the rare earth agreement between the US and Australia, the global supply of rare earths still faces a shortage. Some automakers are developing rare-earth-free motors, but large-scale production will still take several years. China has weakened the development of new rare earth mines overseas through its low-price strategy, making alternative sources negligible.
Original article: www.toutiao.com/article/1846604561200140/
Statement: This article represents the personal views of the author.