Hyundai has a rare earths stockpile that can last about a year
Hyundai Motor has a rare earths stockpile that can last about a year and it does not expect any short-term impact from global supply chain disruptions caused by China's export curbs, said a person who attended a company investor call.
China's decision in April to restrict exports of a wide range of rare earths and related magnets has tripped up supply chains central to carmakers, aerospace manufacturers, semiconductor companies and military contractors around the world.
The stockpiling by Hyundai, the world's No 3 carmaker with its affiliate Kia Corp, indicates it is better placed than many competitors to withstand restrictions that have already affected production or the supplier network of companies including Ford and BMW.
A Hyundai investor relations official said the South Korean carmaker had 'far more wiggle room' than rivals with regard to rare earths-related supply chain issues affecting the industry, according to the attendee on the investor call, which was not open to the public.
The official told investors Hyundai's efforts to diversify supply chains and improve procurement had succeeded and the company expected to be able to produce electric vehicles (EVs) or hybrid cars without disruptions 'for at least about one year'.
Hyundai also significantly boosted its rare earths inventories during a recent period when China had slightly relaxed its export restrictions, the official said, according to the attendee who spoke on condition of anonymity because the call was private.
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