 |
[Alpha Biz=(Chicago) Reporter Kim Jisun] Hyundai Motor Group has begun developing electric vehicle motors that do not use "rare earth elements’" as raw materials, which are absolutely dependent on China.
Rare earths are essential materials for the production of electric vehicle motors, but most of the procurement volume is imported from China, which is greatly affected by the international situation. Other automakers are also declaring de-rare earths in a bid to eliminate supply uncertainties.
According to the industry on the 13th, Hyundai Motor Group is developing a driving motor that does not use rare earths such as neodymium, disprosium, and turbium at the Namyang Research Institute in Hwaseong, Gyeonggi-do.
Last year, related design personnel were reinforced and research work was carried out in earnest. An industry official said, "Hyundai Motor Group is developing a Kwonseon-type rotor synchronous motor (WRSM) that does not use any rare earth permanent magnets."
Hyundai Motor Group has started to develop electric vehicle motors without rare earths because imports of neodymium from China have increased significantly recently. In the global neodymium market, China accounts for 58% of mining and 90% of smelting. According to the Korea International Trade Association, as electric vehicles produced by Korean automakers increased, imports of permanent magnets, which are centered on rare earths, increased 2.7 times from USD 239 million (about KRW 318 billion) in 2020 to USD 641 million (about KRW 852.9 billion) in 2022. 87.9% of permanent seats in Korea are made in China.
Currently, the Chinese government is considering a "ban on rare earth magnet exports" card in response to US semiconductor export regulations. If China restricts exports, automakers that are pushing for a massive switch to electric vehicles will be directly hit.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
