German auto parts supplier Schaeffler has signed a raw materials deal to ensure the supply of rare earth magnets from Europe for its burgeoning electric vehicle (EV) motor business, an executive told Reuters.
The European Union, Britain and the United States are scrambling to build domestic rare earth and magnet industries to wean themselves off China, which supplies 98% of permanent magnets to Europe.
Schaeffler, Germany's fifth biggest auto supplier by revenue, is also working with European partners to use the rare earths processed by REEtec to produce permanent magnets. They can be marketed as more sustainable, which may justify charging the customer a higher price, industry analysts say.Rare earths are not rare, but complex processing, which can generate toxic waste, is required to separate ore into the 17 individual elements and produce the alloys used in a range of electronics as well as in EVs.
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