No one has commercialized a rare earth magnet alternative. EV motors make up 12% of global rare earth permanent magnet consumption, and of that, Tesla was responsible for about 15% to 20%, according to the metals and minerals advisory firm Adamas Intelligence.Īssuming Tesla can commercialize and scale its new rare-earths-free motors soon, the global rare earths magnet market would “lose a mere 2% to 3% of demand in the near-term, and maximum 3% to 4% over the long-term assuming Tesla maintains its EV market leadership,” Adamas Intelligence wrote in a note this week. Tesla is a small sliver of rare earth magnet demandįor one, Tesla represents only a small sliver of overall global demand for permanent rare earth magnets. There are several reasons to suggest markets are overreacting to Tesla’s rare earths announcement. The US and its allies see China’s dominance of global rare earth supply chains as a major national security risk. Rare earths comprise a group of 17 metals crucial for many high-tech applications, including car motors, wind turbines, missiles, and fighter jets. “Motor design has & always will involve trade-offs.We’ll bet an Optimus that automakers will buy much more rare earths in the future.” “Did we miss something?” MP wrote on Twitter, adding a yawning emoji. What can you do when your company reverses on remote work? Millennials are just as wealthy as their parents Here's how 10 industries are experimenting with ChatGPT
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