Elon Musk REVEALS A New Tesla Motor That Will Shock The EV Industry!
Elon Musk REVEALS A New Tesla Motor That Will Shock The EV Industry!
Tesla declared at its Investor Day event for 2024 that it would offer an electric motor without the use of rare earth elements. There are reasons why it matters even if this might not seem like a major concern to most people. Following Tesla’s announcement, companies that produce rare earth elements may experience pressure. But for the vast majority of people, this is the next step toward a less expensive EV. And so, let’s investigate further: how is Tesla going to make this happen?
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Rare earth elements are probably something that the majority of EV buyers never even consider, much less are aware of or understand their significance. On the other hand, as EVs become more popular, those who are opposed to them will go to tremendous lengths to point out their flaws. There have been a variety of EV myths and horror stories over the years, many of which were founded on untrue assertions but were spread by those with a bias against the new technology.
It would be preferable to avoid using rare earth elements in this scenario. They are frequently pricey, hard to get, and sourced and produced in nations like China. Rare earth elements are undoubtedly a matter for concern as the US attempts to reduce its reliance on other nations for the sourcing and processing of materials.
There is already a lot of false information out there regarding the use of rare earth materials in EVs. The lithium-ion battery, its potential for fire, the materials it is built of, how and where they are mined, and an endless list of other factors are the primary issues of contention against electric vehicles. Reports claim that although modern EV batteries include essential minerals, rare earth elements are often absent from them.
As the West strives to compete with China’s supremacy in the production of rare earth elements including neodymium-praseodymium (NdPr), erbium, and dysprosium, the two largest manufacturers in North America are MP Materials, based in California, and Energy Fuels, based in Colorado. The magnets in electric vehicle (EV) motors employ NdPr.
Tesla, however, asserted on Wednesday that a subsequent generation of vehicles won’t require the component, but it made no mention of the specifics of the anticipated technology, including when it would be available and the scope of its application. Current producers would still have a market, according to analysts at Bank of America Global Research.
“Any transition to new technology will likely take a significant amount of time, and it is unclear if this will be adopted in all Tesla models or by other EV producers,” Bank of America said in the study published Thursday.
“While we do acknowledge the downside risks posed by current or future technological developments, the strong long-term growth outlook for permanent magnet use in EV’s/wind turbines, expected to grow two to three times by 2035, suggest there may be enough room for multiple technologies to co-exist.”
In recent years, Western governments have invested billions of dollars in critical mining policies, funding businesses and initiatives at the vanguard of the transition to green technology sparked by worries about global warming.
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