Tesla’s rare earths-free EVs hardly dent critical metals demand

Source: qz.com qz.com

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At Tesla’s investor day this week, the electric vehicle maker announced its next generation of permanent magnet motors would no longer use rare earths. Markets reacted swiftly. Shares of Chinese rare earth miners plunged as much as 10%. Shares of Lynas, the largest non-Chinese producer of the critical metals, dropped some 11% when Australian markets opened. MP Materials, which mines rare earths from its Mountain Pass site in California, also crashed about 11% in response. Advertisement “Did we miss something?” MP wrote on Twitter, adding a yawning emoji. “Motor design has & always will involve trade-offs...We’ll bet an Optimus that...