Nissan turns to low-cost samarium-iron motor magnet for EV future

Rare-earth alloy believed to be key to cutting manufacturing costs by 30%

A Nissan Ariya electric vehicle. The automaker looks to slash the costs of manufacturing EVs to the level of gasoline vehicles by the end of the decade. (Photo by Mizuho Miyazaki)

SHUHEI OCHIAI, Nikkei staff writer

June 9, 2024 23:17 JST

TOKYO -- Nissan Motor's goal to drive down the cost of electric vehicles is expected to hinge on a motor magnet it created using inexpensive material.

The magnet was recently developed by using samarium-iron, a rare-earth alloy. The Japanese automaker plans to bring the magnet to commercial feasibility by fiscal year 2030, which ends March 2031.