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WSJ’s The Future of Everything
How New Motors Could Transform the EV Industry
Dec 13, 2024
Rhiannon Hoyle, a WSJ mining and commodities reporter and expert on rare earth elements, joins to discuss the critical role these materials play in electric vehicles. She highlights the environmental and geopolitical challenges of rare-earth mining, particularly China's dominance in the market. Hoyle shares how automakers like Tesla and GM are racing to develop new motors that avoid these toxic materials without sacrificing efficiency. The conversation also touches on innovative solutions and ongoing research aimed at revolutionizing the EV industry.
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Quick takeaways
- The urgent need for alternatives to rare earth elements in EV motors is driven by environmental concerns and supply chain vulnerabilities.
- Innovative technologies are being developed to create efficient electric motors without rare earths, potentially lowering production costs and enhancing vehicle affordability.
Deep dives
The Importance of Rare Earth Elements in EVs
Rare earth elements play a critical role in the production of electric vehicle (EV) motors, particularly in the powerful magnets used to convert battery electricity into motion. Despite their name, these elements are not actually rare but are challenging to mine due to their dispersed nature in the earth's crust and environmental concerns associated with their extraction. The presence of rare earths in various everyday technologies highlights their importance beyond just EVs, impacting sectors such as defense and electronics. The heavy reliance on these materials raises significant concerns regarding supply chain stability, particularly as about 60% of the world's rare earths are sourced from China.
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