Indian automaker Bajaj Auto warned that any further delays in securing the supply of rare earth magnets from China could "seriously impact" EV production.

A group representing auto suppliers in the United States called on Wednesday for immediate action to address China's restricted exports of rare earths and other minerals, warning the issue could quickly disrupt auto parts production.

The EU is pressing China to loosen restrictions on exports of rare earths because of an “alarming situation” for the bloc’s car industry, with production lines in danger of grinding to a halt. European trade commissioner Maroš Šefčovič said he had questioned Chinese commerce minister Wang Wentao about the shortage of vital rare earth elements and magnets in a meeting on Tuesday.