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MP Materials trade down after Tesla announces EV motor with no rare earth metals

Published Mar 01, 2023 06:57PM ET Updated Mar 01, 2023 07:29PM ET
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© Reuters. MP Materials (MP) trade down after Tesla (TSLA) announces EV motor with no rare earth metals
 
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By Michael Elkins

Tesla (NASDAQ:TSLA) and CEO Elon Musk held the company’s investor day on Wednesday, where the company announced that Tesla has designed a “permanent magnet motor” that does not use any rare earth materials at all.

Rare earth metals, such as neodymium, dysprosium, and silicon carbide, are commonplace in EVs. They are expensive, produce a lot of waste, and create various mining concerns. And as the world transitions to renewable energies, the cost of rare metals has increased dramatically.

Today, Tesla stated that between 2017 and 2022, it managed to reduce rare earth usage in the new Model 3 drive units by 25% as it increased the efficiency of the drivetrain. By reducing the amount of rare earth metals needed, Tesla can save both money and the environment.

Colin Campbell, vice president of Powertrain Engineering, stated that the company has designed a permanent magnet motor that does not use any rare earth metals.

Shares of MP Materials (NYSE:MP), which is ramping up rare earth production in the U.S., are down 3.88% in after-hours trading on that remark.

Shares of TSLA are down 3.46% after hours after closing down 1.43% on Wednesday.

MP Materials trade down after Tesla announces EV motor with no rare earth metals
 

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Comments (3)
Jared Magnums
Jared Magnums Mar 01, 2023 11:21PM ET
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I would quit my job or change schools if that happened to me
Jared Magnums
Jared Magnums Mar 01, 2023 11:20PM ET
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You got burnt so hard there EL LA
EL LA
EL LA Mar 01, 2023 7:39PM ET
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Great! Now design a Tesla that doesn't use a toxic battery.
Don Getty
Don Getty Mar 01, 2023 7:39PM ET
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try breathing your car exhaust and see how that works for you
 
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