Column: Tesla hits the brakes but rare earths juggernaut rolls on. mining tesla
Tesla will eliminate the use of rare earths in its next-generation electric vehicles .at the company’s investor day last week caused a sell-off in shares of both Chinese and Western producers. Australia’s Lynas Rare Earths Ltd. slumped 6.8% on the news and has fallen further since.It hasn’t helped the price of rare earth either, accentuating a sharp slide that began in February.
Tesla’s announcement is significant for what it says about the direction of travel but won’t make much of a dent in a market that is struggling to generate enough supply to meet surging demand.The EV pioneer used an induction motor rather than a permanent magnet motor in its original Model S and X iterations but switched with the release of the Model 3 in 2017,It’s going to stick with a PM motor but redesign it to exclude rare earths.
Even if Tesla can deliver on its rare-earths-free ambitions, the impact on NdFeB magnet demand is going to be limited, according to Adamas. The outlook is one of deepening supply deficits, that for NdPr oxides is forecast to be 68,000 tonnes by 2035, equivalent to China’s production in 2021. Pricing remains beholden to China, which is not only the world’s largest producer of rare earths but also the largest user, making most of the world’s permanent magnets.
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