Vacuumschmelze and LS Eco Advanced Material to jointly produce rare earth magnets for EV motors
The JV company looks to produce 1,000 metric tons of neodymium per year, estimated to be enough for about 500,000 electric cars
Germany-based Vacuumschmelze (VAC), a magnetic materials and metal processing company, and South Korea’s LS Eco Advanced Materials, are planning to set up a joint venture to produce neodymium for electric motors for electric vehicles, according to a news report published by Electrive on Feb. 14.
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