New Toyota magnet cuts dependence on key rare earth metal for EV motors

Toyota Motor Corp has found a way to reduce the amount of a key rare earth metal used in magnets for electric car motors by around 20%, which could tame the cost of producing electric cars and reduce the risk of a supply shortage of materials needed for their production. The Japanese automaker on Tuesday said it had developed a magnet which replaces some of the neodymium, a rare earth metal used in the world's most powerful permanent batteries, with more abundant and cheaper lanthanum and cerium, adding that it aimed to use the magnets in electric vehicle motors within the next 10 years.