With China granting rare earth export licenses to GM, Ford, and Stellantis (NYSE:STLA) but not to Tesla (NASDAQ:TSLA), questions are mounting over whether Tesla is being deliberately targeted amid ongoing trade tensions and Musk’s outspoken foreign policy stance.

“Media reports only indicate GM, F & STLA received licenses. This implies TSLA & RIVN could still be waiting for licenses. It’s possible this is the consequence of Musk’s aggressive stance on foreign policy & China’s aim to support local EV makers,” Wells Fargo wrote, citing expert Dr. Gracelin Baskaran.

China controls nearly 100% of global supply for the seven most critical heavy rare earth elements, or REEs, which are essential for electric vehicle motors and other advanced manufacturing.

The U.S. auto sector is the largest end-user of these materials, but America’s consumption is a fraction of global output—just 6,600 tonnes out of 390,000 tonnes produced last year. Following China’s April 4 restrictions, automakers had only 2-3 months of buffer stock, and those reserves are now running low.

While the six-month licenses keep operations running for some U.S. automakers, Wells Fargo warns the current arrangement is “still a band-aid, not a fix,” with supply risks likely to persist for another two to five years as new capacity ramps up outside China.

For now, China’s selectivity in granting licenses and vigilance over end-use means Tesla—and other OEMs still waiting—could face mounting pressure until global rare earth supply chains diversify.