Netherlands-based chipmaker Nexperia is at the heart of a standoff between the European Union, the U.S. and China that has triggered a near-crisis for global automakers.

The Dutch government seized control of Nexperia, owned by the Chinese company Wingtech , in October, citing national security concerns. The move prompted Beijing to block Nexperia products from leaving China.

Meetings are underway in Europe Saturday to attempt to defuse the escalating issue, and Chinese and U.S. authorities appear to be opening up a pathway for Nexperia's China-based operations to resume exporting critical automotive chips.

Spokespeople for the White House and Nexperia did not immediately respond to a request for comment.

For now, however, the auto industry's supply chain still hangs in

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