China said on Saturday it was willing to accelerate the examination and approval of rare earth exports to European Union firms.

The auto industries in both the US and Europe could come to a standstill within weeks thanks to China’s ongoing restrictions on exports of rare earth minerals and magnets. Several European car part manufacturers have already halted production lines according to the European Association of Automotive Suppliers (CLEPA).

Major automakers are racing to find workarounds to China’s stranglehold on rare-earth magnets, which they fear could force them to shut down some car production within weeks. Several tra