China's Ministry of Commerce in early April imposed export restrictions on several rare earth elements and magnets widely used in the automotive, defense and energy sectors. Some of the affected rare earth elements are vital components to the production of both combustion engines and electric vehicles.

Suzuki Motor had suspended production of its Swift car due to China's rare earth restrictions, two sources familiar with the matter said, becoming the first Japanese automaker to be affected by the export curb.

China has stopped almost all shipments of critical minerals that are needed for cars, robots, wind turbines, jet fighters and other technologies.