Frank Eckard, CEO of a German magnet maker, has been fielding a flood of calls in recent weeks. Exasperated carmakers and parts suppliers have been desperate to find alternative sources of magnets, which are in short supply due to Chinese export curbs.
Some told Eckard their factories could be idled by mid-July without backup magnet supplies.
"The whole car industry is in full panic," said Eckard, CEO of Magnosphere, based in Troisdorf, Germany.
"They are willing to pay any price."
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