Toyota looks to break free from China's rare earth grip
Toyota is one of the largest companies in the world making and selling hybrid vehicles. The hybrid Prius line is very popular all around the world and the electric motors that Toyota uses for its hybrid vehicles depend on rare earth shipments from China.
Don't Miss: The Best HDR TVs
China and Japan had some sort of diplomatic issue a while back and China withheld shipments of rare earth to Japan. The embargo didn't hurt anything for Toyota, but in the future when the hybrid market is larger, it could be disastrous. To prevent that from happening Toyota is working on a new electric motor.
Don't Miss: Incredible Pokemon Gifts
The new motor will reduce the need for rare earth from China. China currently produces 97% of the rare earth in the world and has 30% of the reserves on the planet. The US, Australia, and Canada also have rare earth deposits, but it was cheaper to get the material from China than to mine it at home.