Shares of Australia's Lynas Rare Earths climbed on Thursday to their highest point in more than two years, after global automakers warned that China's export restrictions on rare-earth materials could lead to production delays.

Options include moving car part manufacturing to China despite tariffs, or just slowing down the push for electric vehicles.

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.