Hyundai Motor looks to secure rare earths

Hyundai Motor, Korea’s top automaker, said on February 21 that it was seeking to secure rare earth metals used in electric and hybrid cars, as the industry braces for a possible shortage of the minerals. Rare earth metals like neodymium are used in the powerful magnets in motors that are a key component for electric and hybrid cars. China produces 97% of the world’s rare earth metals, but Beijing set 2010 export quotas 40% lower than 2009 levels, raising alarm among buyer nations. The move comes as Hyundai is joining a list of carmakers rolling out electric cars in response to tougher CO2 emissions rules. (February 22, 2011)