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February 22, 2011updated 08 Apr 2021 8:17am

SOUTH KOREA: Hyundai acts on rare earth metals

Hyundai Motor plans to secure rare earth metals used in electric and hybrid cars as the industry acts over a possible shortage of the minerals.

Hyundai Motor plans to secure rare earth metals used in electric and hybrid cars as the industry acts over a possible shortage of the minerals.

Rare earth metals like neodymium are used in the powerful magnets in motors that are a key component for electric and hybrid cars. China produces 97% of the world’s rare earth metals, but Beijing set 2010 export quotas 40% lower than 2009 levels, raising alarm among buyer nations, the Korea Herald reported.

Hyundai Motor, the world’s fifth-biggest carmaker along with Kia Motors, proposed in a regulatory filing on Friday a change in its articles of incorporation to “secure resources for the development of eco-friendly vehicles”, the paper said. The proposal is subject to approval at a shareholder’s meeting on 11 March.

“We will make efforts to vigorously secure rare earths and other rare resources used in cars,” a spokesman said.

Hyundai Motor launched a hybrid version of its Sonata sedan in the United States in January, which was its first overseas hybrid model. Affiliate Kia plans a hybrid Optima sedan for that market in the first half.

Hyundai plans to mass produce pure electric vehicles next year after a test run of its BlueOn cars this year, according to group vice chairman Lee Hyun-soon.

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