Last week I heard a shocking news report that as of today, China has control of more than 90% of the world’s rare-earth minerals.
What does this mean ? The Chinese will have a monopoly on magnets, similar to the Middle East control on Oil.
That could be bad news in the progress of the Electric Vehicle movement. Considering that all present traction motors in Electric Vehicles contain magnets. Controlling and restricting the magnet market could give China a strategic advantage and control of the entire EV market.
FYI:
DailyTech - China Quietly Looks to Strangle U.S., Japanese EV Production
Google: china controlling magnets