Nissan Motor is working towards significantly reducing the cost of electric vehicles (EVs) by developing a new motor magnet made from inexpensive materials. This initiative is a part of their strategy to make EV manufacturing costs comparable to petrol vehicles by fiscal year 2030, ending March 2031. Achieving this goal would require a 30% reduction in EV production costs.
The recently developed magnet utilises a samarium-iron rare-earth alloy. Unlike traditional EV motors, which use neodymium magnets enhanced with dysprosium and terbium for heat resistance, Nissan’s magnet eliminates the need for these rare and supply-risk-prone materials. Neodymium and dysprosium primarily come from China, which has previously restricted rare-earth exports to Japan, highlighting a significant supply-chain risk.
