NdPr drives almost
More than 90% of electric vehicles are using a Neodymium permanent magnet engine, each of which requires approx. 1kg pure NdPr oxide.
Pioneered by visionaries like Elon Musk of Telsa Inc, E-mobility is on its way to becoming mainstream. Musk’s Tesla cars have triggered a tidal wave of investment by leading car manufacturers into electric vehicles. Forecasts show that by 2020 there will be more than 100 new electric and plugin models on the market and by 2025, more than 250 different electric car models will be available worldwide. At present, more than 20 billion USD have been invested by companies like LG Chem, Panasonic, Daimler, VW, Sanyo, Nissan, Tesla, Boston Power and Foxcom in new capacity for lithium batteries and storage factories world-wide. Once electric vehicles become cheaper to purchase than combustion engines, the demand will skyrocket. For the first time, we will see a significant end-consumer rare earth application coming online with a disruptive impact to the rare earth market and how we perceive mobility today!
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Forecast number of vehicles produced by 2020 is 20 million, 10 times the government’s target Sales