Most palladium is used for catalytic converters in the automobile industry. In the run up to year 2000, the Russian supply of palladium to the global market was repeatedly delayed and disrupted; for political reasons, the export quota was not granted on time. The ensuing market panic drove the price to an all-time high of in January 2001. Around that time, the Ford Motor Company, fearing that automobile production would be disrupted by a palladium shortage, stockpiled the metal. When prices fell in early 2001, Ford lost nearly US$1 billion.