Rare earths are critical for the electronics, defence and renewable energy industries. Germany's BMW AG (BMWG.DE) did the same for its iX3 electric SUV this year, and the world's two biggest automakers Toyota Motor Corp (7203.T) of Japan and Volkswagen AG (VOWG_p.DE) of Germany have told Reuters they are also cutting back on the minerals. Department of Commerce said in June it is considering an investigation into the national security impact of neodymium magnet imports.Ĭompanies trying to cut their use include Japan's third-largest carmaker Nissan Motor Co (7201.T), which told Reuters it is scrapping rare earths from the engine of its new Ariya model. Prices of neodymium oxide more than doubled during a nine-month rally last year and are still up 90% the U.S. Rare earth magnets, mostly made of neodymium, are widely seen as the most efficient way to power electric vehicles (EVs).
Without a solution to that, the range anxiety that has long hampered the industry would increase, so access to the metals may become a competitive edge.
This means managing the risk that scrapping the metals could shorten the distance a vehicle can travel between charges.
Now manufacturers amounting to nearly half global sales say they are limiting their use, a Reuters analysis found.Īutomakers in the West say they are concerned not just about securing supply, but also by huge price swings, and environmental damage in the supply chain. Some auto firms have been looking to replace rare earths for years.
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