Stellantis 'fine for June' on rare earth supplies, top manager says
TURIN, Italy, June 12 (Reuters) - Stellantis (STLAM.MI), opens new tab is currently unaffected by supply bottlenecks for rare earths from China, but the automaker had past difficulties in managing the situation, the head of its European operations said on Thursday.
China, which controls over 90% of global processing capacity for rare earths used in everything from automobiles and fighter jets to home appliances, imposed restrictions in early April requiring exporters to obtain licenses from Beijing.
This resulted in a squeeze of rare earth exports to Western manufacturers.
"We're all fine for June," Stellantis' Jean-Philippe Imparato said during an automotive event in Turin, Italy.
"But, let me tell you, we have spent some tough hours" on managing the whole situation, he added, without elaborating.
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