[Rare Earth] Booming Chinese Electric Vehicle Sector to Boost Rare Earth Demand

SHANGHAI, Aug. 6 (SMM) – China’s production and sales of new energy vehicles are expected to maintain robust growth, which will stimulate demand for electric motors made of rare earth elements, yunvs.com reported. 

China produced 20,400 units of new energy vehicles in July, soaring 250% year-on-year, according to the Ministry of Industry & Information Technology (MIIT). 

Beijing has set an ambitious goal of slashing PM 2.5 by 40% by 2022 in preparation for the Beijing Winter Olympics and plans to invest tens of billions of yuan to develop new energy vehicle industry. 

Beijing Zhongke Sanhuan Hi-Tech Co. and Yantai Zhenghai Magnetic Material Co, major producers of NdFeB, reported appreciable growth in orders from new energy vehicle manufacturers. 

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