Tesla and other automakers are in a magnet race to build EVs without rare earth metals
A man works at the site of a rare earth metals mine at Nancheng county, Jiangxi province, China .Shares of producers including JL Mag Rare-Earth Co. and Jiangsu Huahong Technology Stock Co. immediately sold off after Campbell’s comments, while Lynas Rare Earths Ltd. — the biggest producer of the materials outside China — is down about a quarter this month.
One potential alternative could be ferrite magnets, made of iron and mixed with materials like barium and strontium, which are more widely available and cheaper, according to William Roberts, a senior research analyst at London-based consultancy Rho Motion. A team from the University of Cambridge and colleagues from Austria announced a new method to make tetrataenite, a possible replacement for rare-earth magnets, in a research paper published last year.
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