You may not have heard of it, but this metal is an integral part of your life. Neodymium is in headphones, cellphones and electric cars — and China controls the world's supply.
Model 3's motor to spin, they need powerful magnets. If you combine neodymium with iron and boron, you can make a neodymium-iron-boron magnet, which is the most powerful type of permanent magnet ever created.
"In a couple of decades we're forecast to have a million electric vehicles on the road in the U.S. and that's going to cause demand of neodymium to surge," said Michael Kanko, CEO ofA parking lot of predominantly new Tesla Model 3 electric vehicles is seen in Richmond, California, U.S. June 22, 2018.Earlier this year, Tesla became one of several electric car makers to use motors with neodymium magnets. It's installing them in its Tesla Model 3.
Today, that supply is coming from China. More than 80 percent of the world's neodymium is produced there. In 2017 alone, China mined 105,000 metric tons of rare earth metals, while the U.S. has only produced about 43,000 metric tons in the last 20 years combined. While the price has since come back down, concerns remain. Toyota, for example, recently developed a new neodymium-reduced magnet, citing concerns about neodymium shortages.
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