With due respect @sjl I think the point about the Toyota announcement and indeed those of other OEMs is that they are indicating the wholesale migration to electric vehicles in line with global government commitments. That is the change here and as you point out it's the use of permanent magnets in the electric motors (whether for fuel cell cars or battery electric) is the step change. Rare earth demand also huge for wind turbines which are part of the new landscape etc. The absolute level of demand will increase enormously.
regards
DF
Ann: Further Economic Framework Agreement Update, page-43
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