IDTechEx Finds Rare Earth Free Motors Take a Back Seat in EVs [Yahoo! Finance]
RENAULT SA UNSP/ADR (RNLSY)
NASDAQ:AMEX Investor Relations:
group.renault.com/en/finance-2
Company Research
Source: Yahoo! Finance
One huge growth sector is the electric vehicle (EV) market, with IDTechEx predicting 4 fold growth in electric car sales over the next 10 years. Much of the conversation is focused on battery materials, but the rare earths used in the magnets in electric motors are another key concern. These are almost entirely produced in China and have been subject to significant historic price volatility. Given these concerns, it is surprising to see that IDTechEx's research has found that rare earth permanent magnet motors have maintained over 77% of the electric car market over the last 9 years. Why is that the case? The IDTechEx report " Electric Motors for Electric Vehicles 2024-2034 " predicts that over 140 million electric motors will be required for EV markets. While it predicts a decline in the market share of rare earth motors, it predicts that the majority of the market in 2034 will still be using permanent magnet motors. What are the concerns? China largely controls the supply of r
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