(cont'd from yesterday's post)
Nobody is ready to dispense with modern technology, in spite of problems with their components. Rare earth metals are essential in the motor (not the battery) of electric vehicles, as well as in lots of modern devices like smartphones and wind turbines. They can be both toxic to people and the environment, and radioactive.
Most global production of these elements is controlled by China which is moving to increase their hold on the global market. They can use their dominance to achieve political goals.
What's a company to do? They sure won't quit manufacturing modern tech.
General Motors says they are "deeply committed to an all-electric future," so last month they announced a plan to solve the dilemma of rare earths, replacing them with magnets from Niron Magnetics which are not toxic, cost less, and are US-made. Their "Clean Air Magnet" appears on TIME's list of 2023 best inventions.
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