China Rare Earths Miners Drop on Tesla Plans for New Motors
02 March 2023 - 4:37PM
Dow Jones News
By Bingyan Wang
Shares of Chinese rare earths miners are lower Thursday on news
that Tesla Inc. plans to drop use of the metals in its new
generation of permanent magnet electric motors.
Shares of China Rare Earth Resources & Technology Co. are
down 7.6% at the mid-day break, while shares of China Northern Rare
Earth (Group) High-Tech Co. and Rising Nonferrous Metals Share Co.
are down 4.1% and 8.2%, respectively.
Tesla said Wednesday at its Investor Day event that it is
creating a new permanent magnet electric motor that doesn't use
rare earth metals. The company added on Twitter that its new
powertrain will be "more efficient."
Rare earths are used to manufacture a range of crucial
technologies such as components in electric cars, smartphone touch
screens and missile-defense systems. Globally, China controls most
of the market for processing and refining rare earths, among some
other critical minerals, according to a White House fact sheet.
Write to Bingyan Wang at bingyan.wang@wsj.com
(END) Dow Jones Newswires
March 02, 2023 00:22 ET (05:22 GMT)
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