Ford still struggling with rare earth supplies
Investing.com -- Ford Motor Co . (NYSE:F) is still facing ongoing challenges with the supply of rare earth magnets from China, crucial for production of its cars.
Ford CEO Jim Farley described the situation as "day to day" and "hand-to-mouth" in a Friday interview with Bloomberg TV. Last month, Ford idled its Chicago factory, which produces the Explorer sport utility vehicle, for a week because of the rare earth materials shortage.
Farley expressed optimism about recent U.S.-China trade talks but noted that Ford has not yet seen improvements in magnet supply flow. The company has submitted applications to China's ministry of commerce (Mofcom), which are being approved one at a time.
U.S. President Donald Trump stated that recent negotiations with China resulted in an agreement for Beijing to quickly approve export licenses for rare earths.
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