Analysis of NEV Motor Raw Material Cost Structure and Supply Chain Collaboration Mechanism【SMM Analysis】

I. Core Raw Material Cost Proportion: Magnetic Material Dominates, Metal Materials Synergize

The cost structure of NEV motors is highly concentrated in four core materials: NdFeB permanent magnets, electrical steel sheets, enamelled wire (copper/aluminum), and aluminum alloy structural components. According to industry data, the cost distribution for permanent magnet synchronous motors (accounting for over 80 of new energy car models) is as follows:

NdFeB Permanent Magnets: Accounting for 30%-45% of raw material costs, they are the largest cost item. High performance NdFeB (such as those with intrinsic coercivity Hcj > 20kOe) is the core source of the rotor's magnetic field, with a usage of 4-6kg per motor. The price of Pr-Nd, a rare earth element, significantly affects these costs. In cases of substantial increases in Pr-Nd prices, there is a notable impact on the cost structure of motor manufacturers.

Electrical Steel: 15%-20% of raw material costs. Cold-rolled non-oriented electrical steel (grade 50W350) forms the stator and rotor cores, with a usage of 80-120 kg per unit. Its cost is influenced by iron ore and alloy element prices, and high-grade electrical steel (low iron loss, high magnetic permeability) can command a 20% premium over standard models.

Enamelled wire: accounts for 15%-25% of raw material costs. Copper enamelled wire (with a conductivity of 5.96×10⁷ S/m) is the mainstream choice for stator windings, with a usage of 25-40kg per unit. Fluctuations in copper prices directly affect costs and similarly impact new energy motors

Aluminum Alloys: Accounted for 10%-15% of raw material costs. Used in structural components such as motor housings and end caps, the demand for lightweight materials drove an increase in their adoption rate. New-type rare earth aluminum alloys (with lanthanum added) cost 30% less than traditional cast aluminum, have a tensile strength of 265MPa, and were applied in some car models

II. Trading Rules: OEM-Dominated Design and Customized Magnetic Materials Driving the Supply Chain

The supply chain collaboration for NEV motors follows a "OEM → Motor Manufacturer → Magnetic Material Supplier" three-tier customized model, with the core logic lying in the differentiated allocation of technical barriers and cost weights.

OEMs define the technical specifications: downstream automakers (such as BYD, Tesla) set motor performance parameters (e.g., peak power 150kW, maximum speed 16,000rpm) based on car model positioning (driving range, power, NVH), and then hand over the design plan to the motor manufacturer.

Motor Factory Material Requirements Breakdown:

High-Threshold Material Outsourcing: NdFeB magnets, due to involving rare earth formulas (such as the addition of dysprosium and terbium) and coating processes (for corrosion resistance) and other patented technologies, are custom produced by magnetic material factories after the motor factory provides the rotor drawings.

Low-Threshold Material Self-Storage: Enamelled wire, aluminum alloy, and other standardized materials are typically kept in safety inventory (about 2-4 weeks' worth) by motor factories, but large-scale purchases still follow orders.

Magnetic Material Plant Dedicated Production Line: Magnetic material plants (such as Ningbo Yunsheng, Innuovo) adjust the proportion of rare earth elements and optimize the orientation of the magnetic field according to the drawings provided by motor factories, offering a customized production line for a single car model. The delivery cycle for magnets is 60-90 days (involving sintering and magnetization), requiring strict synchronization with the motor assembly line.

III. Focus of Cost Competition: Irreplaceability of Magnetic Materials and Flexible Substitution of Base Materials

The Path of Raw Material Cost Optimization Polarizes Due to Technological Barriers:

The rigid constraint of NdFeB: there are currently no large-scale alternatives to rare earth permanent magnets. Magnetless motors, such as induction motors, due to their low efficiency (<94%) and large size, are only used in some entry-level car models. The high cost proportion of magnetic materials is fundamentally due to the strong coupling between performance and cost: high coercivity NdFeB (resistant up to 150°C) is 25% more expensive than regular types but can increase the power density of motors by 20%. Manufacturers are forced to balance between performance and cost.

Copper to Aluminum Conductor: Aluminum enamelled wire costs 40 lower, but requires a 30 increase in cross-sectional area to compensate for resistance loss, leading to a decrease in slot fill rate. It is only feasible in small motors (＜50kW).

Electrical steel → Amorphous materials: The iron loss of amorphous ribbons is reduced by 70% (such as Yunlu's products), but the cost is 1.5 times that of electrical steel and processing is difficult. It is only used in high-end car models (GAC Hyptec with an additional 150km driving range), with a penetration rate of less than 5%.

Structural Component Lightweighting: Rare Earth Aluminum Alloy (with 0.15% lanthanum) costs 30 less than cast aluminum and has gradually replaced traditional copper core components.

IV. Future Trends: Material Innovation Reconstructs Cost Proportions

Technological Evolution Is Reshaping Cost Structures:

1. The Magnetic Material Reduction Revolution:

Grain Boundary Diffusion Technology: Concentrating Dysprosium and Terbium on the Surface of Magnets (Penetration Layer < 10μm), Gradually Reducing the Use of Rare Earth Elements

Recycling System Establishment: NdFeB recycling rate continuously improved by 2030, MIIT promotes standardized disassembly of retired motors

2. Widespread Adoption of Flat Wire Motors: The continuous improvement in slot fill rate through the use of copper wires with irregular cross-sections drives cost reduction

3. Application of Superconducting Materials: Some manufacturers utilized superconducting materials to reduce the usage of magnetic materials.