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Tesla electric vehicles use permanent magnet motors to stimulate the demand for rare earth neodymium

Due to Tesla's use of permanent magnet motors in Model3 electric vehicles, the market supply of rare earth metals has been tight for many years, and the pressure has increased sharply. Governments around the world are trying to promote the production of electric vehicles to reduce the harmful emissions produced by fossil fuel-driven vehicles, and there is a growing demand for key metals used in electric vehicle batteries, such as lithium and cobalt. Now the market supply and demand focus is neodymium. Some automakers have begun to use permanent magnet motors that rely on this metal. They are generally lighter, stronger, and more efficient than conventional copper coil-based induction motors. However,


 

Because of Tesla'sModel 3The use of permanent magnet motors in electric vehicles has exacerbated the shortage of rare earth metals in the market for many years, and the pressure has increased sharply.

In order to reduce the harmful emissions produced by fossil fuel-driven vehicles, governments around the world are working hard to promote the production of electric vehicles, a key metal material for electric vehicle batteries.--such as lithium and cobalt--The demand is also growing.

Now the market supply and demand focus is neodymium. Some automakers have begun to use permanent magnet motors that rely on this metal. They are generally lighter, stronger, and more efficient than conventional copper coil-based induction motors.

However, Tesla is the one that pushed neodymium to the forefront, because the company is betting entirely on electric vehicles in the future, showing people the development direction of the automobile industry and the demand prospects of rare earth metals. 

   Research shows that the current market size of NdFeB magnets used in automotive motors exceeds113billion dollars,2010Year2017During the year, the demand for magnets continued to grow, with a compound annual growth rate8.5%.

Metal consulting firm Roskill (Roskill)'s Senior Analyst David·Merriman (David Meriman) pointed out that,Some electric car motors use permanent magnet technology, perhaps the most famous being TeslaModel 3Remote car. All other Tesla models--Model XandModel 3Standard type--Induction motors are used.

Last year, global neodymium demand was3.17Ten thousand tons, has exceeded the supply.3300Tons, he said. Demand is expected to climb this year3.4200million tons,2018The demand for the year will increase3.88Ten thousand tons, the contradiction between supply and demand has further increased.

A fund manager who specializes in metals noted that,Tesla's decision to switch to permanent magnets has completely changed the dynamics of the market.

Now the price of neodymium per kilogram70S. dollar, well below2010of the year500dollars, but still more2017Higher at the beginning of the year40%.

Rare earths can be produced in many parts of the world, but unlike copper from ore, the extraction of rare earths requires the separation of many different metals from a single deposit, a process that is both difficult and expensive.


 

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