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Car magnet4/25/2023 said in December it had developed motors using ferrite magnets that matched the performance of components using rare earths. GM has previously used these, and Japan-based Proterial Ltd. the biggest producer of the materials outside China - is down about a quarter this month. immediately sold off after Campbell’s comments, while Lynas Rare Earths Ltd. Shares of producers including JL Mag Rare-Earth Co. also have sought to reduce reliance on rare earths. Others carmakers including BMW AG, Toyota Motor Corp. The risks of reliance on Beijing were highlighted in 2010, when prices spiked on China’s decision to slash exports, and in 20 amid speculation that shipments could be limited again amid trade tensions with the US. China accounts for around two-thirds of mining and 85% of refining of the materials. Rare earths - which are used in magnets in everything from phones to wind turbines and fighter aircraft - have long been a pain point for automakers and the clean-energy sector, because of unpredictable prices and China’s tight grip on the supply chain. The automaker is looking to keep driving down costs, avoid processes with environmental and health risks and reduce reliance on commodities that can be most susceptible to wild price swings. Model 3 and Model Y powertrains have already reduced consumption of heavy rare earths by a quarter, and Tesla’s next drive unit includes a permanent magnet motor that doesn’t use any of the materials, Colin Campbell, vice president of powertrain engineering, said during the company’s investor day early this month. Stocks Bounce Back After Rout as Bank Jitters Ease: Markets Wrap Morgan Stanley Strategist Says Bank Stress Signals Bear Market End The One Big Winner and Many Losers of UBS’s Credit Suisse Rescue UBS to Buy Credit Suisse in $3.3 Billion Deal to End CrisisĬredit Suisse’s $17 Billion of Risky Bonds Are Now Worthless APO/FPO, Afghanistan, Africa, Alaska/Hawaii, Albania, American Samoa, Andorra, Anguilla, Antigua and Barbuda, Armenia, Aruba, Australia, Austria, Azerbaijan Republic, Bahamas, Bahrain, Bangladesh, Barbados, Belize, Bermuda, Bhutan, Bosnia and Herzegovina, British Virgin Islands, Brunei Darussalam, Cambodia, Cayman Islands, China, Cook Islands, Costa Rica, Denmark, Dominica, Dominican Republic, El Salvador, Estonia, Fiji, French Polynesia, Georgia, Germany, Gibraltar, Greenland, Grenada, Guadeloupe, Guam, Guatemala, Guernsey, Haiti, Honduras, Hong Kong, Iceland, Iraq, Jamaica, Jersey, Jordan, Kazakhstan, Kiribati, Kuwait, Kyrgyzstan, Laos, Lebanon, Liechtenstein, Luxembourg, Macau, Maldives, Marshall Islands, Martinique, Mexico, Micronesia, Moldova, Monaco, Mongolia, Montenegro, Montserrat, Nauru, Nepal, Netherlands Antilles, New Caledonia, Nicaragua, Niue, Norway, Oman, Pakistan, Palau, Panama, Papua New Guinea, Portugal, Qatar, Romania, Russian Federation, Saint Kitts-Nevis, Saint Lucia, Saint Pierre and Miquelon, Saint Vincent and the Grenadines, San Marino, Saudi Arabia, Serbia, Solomon Islands, South America, Svalbard and Jan Mayen, Sweden, Taiwan, Tajikistan, Tonga, Trinidad and Tobago, Turkmenistan, Turks and Caicos Islands, Tuvalu, Ukraine, United Arab Emirates, Uzbekistan, Vanuatu, Vatican City State, Vietnam, Virgin Islands (U.S.(Bloomberg) - Tesla Inc.’s ambition to remove rare earths from future models has producers in the sector reeling, but it also should spur global efforts to deliver alternatives for electric car motors that currently rely on the materials.
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