Lithium, Cobalt Prices Key to Neodymium Demand

Permanent magnets in EVs can be replaced by electric magnets powered by a car’s battery system. In fact, EV pioneer Tesla favored electric magnets in previous car models, driven in part by concerns over the security and sustainability of rare earth supplies.
But Tesla was eventually forced to adopt rare earth magnets for the Model 3 as the only affordable way to deliver high power-to-weight ratios. The problem is that substitution of permanent magnets with electric magnets increases the load on the battery.

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