Automotive demand for NdPr could jump 83% to 38.7kt between 2024-30, according to Bloomberg.

Permanent magnet motors dominate EVs due to higher efficiency.

Integrating ~2kg of rare earths improves efficiency by 2-5%, allowing for smaller and cheaper batteries – relevant since the battery represents ~50% of the vehicle cost.

Global EV sales continue to grow, with China leading but other markets gaining market share.

The rare earth thesis is: growing structural demand with few suppliers outside of China.