11:06 AM EDT, 06/13/2025 (MT Newswires) -- Ford Motor ( F ) temporarily closed a production facility in Chicago during May due to the shortage of rare earth magnet supplies that are used in vehicle production, Bloomberg reported Friday, citing Chief Executive Officer Jim Farley.

Farley said in an interview with Bloomberg TV that China's newly introduced approval process for exports of rare earths is slowing down the supply. "We have applications into [China's ministry of commerce] and they are being approved one at a time," Farley told Bloomberg TV.

China's export of rare earth minerals has been the center point of trade negotiations between Beijing and Washington. President Donald Trump recently said that China will expedite the approval of export licenses for rare earths under a new agreement between the two countries.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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