(Reuters) -Ford Motor Co is struggling with supplies of rare earth magnets, the automaker’s CEO Jim Farley told Bloomberg News in an interview on Friday.
China, which controls more than 90% of global rare earth processing capacity, imposed new export licensing rules in April, tightening supply to Western manufacturers of everything from cars and fighter jets to household appliances.
Automakers, especially those focused on EVs, are among the largest industrial consumers of rare earth materials.
Western countries have been trying to reduce reliance on Chinese rare earths by investing in alternative sources and refining capacity in places like Australia, Canada, and the United States.
Ford did not immediately respond to Reuters’ request for a comment.
(Reporting by Abhinav Parmar and Nathan Gomes in Bengaluru; Editing by Leroy Leo)
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