Ford May Scrap Rare Earths for Lithium-Ion in Hybrids, Other EVs (MCP) (AONE)
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Molycorp (NYSE: MCP) might see a little pressure Friday following reports that demand might ebb for rare earth minerals moving forward.
At least, as far as one automaker is concerned.
Ford Motor (NYSE: F) is said to be cutting use of rare earths in its hybrid and electric cars by 500,000 pounds per year. The move will also allow Ford to save hundreds of dollars per auto as well.
Instead, Ford will move to lithium-ion batteries for its C-Max and Fusion hybrids. Ford previously used nickel-metal hydride in the vehicles.
Along with overall savings, Ford will shield itself from uncertain supply of minerals like neodymium, cerium, lanthanum and praseodymium.
Comments were made by Fords hybrid and electric vehicle (EV) chief engineer Chuck Gray to the WSJ.
News of the switch comes following reports earlier in the week that Ford's peer/rival General Motors (NYSE: GM) might be losing about $49,000 on each Chevy Volt EV produced. GM later issued clarification on the reports.
Moving higher in early trading is A123 Systems (Nasdaq: AONE), which makes rechargeable lithium-ion and energy storage systems.
At least, as far as one automaker is concerned.
Ford Motor (NYSE: F) is said to be cutting use of rare earths in its hybrid and electric cars by 500,000 pounds per year. The move will also allow Ford to save hundreds of dollars per auto as well.
Instead, Ford will move to lithium-ion batteries for its C-Max and Fusion hybrids. Ford previously used nickel-metal hydride in the vehicles.
Along with overall savings, Ford will shield itself from uncertain supply of minerals like neodymium, cerium, lanthanum and praseodymium.
Comments were made by Fords hybrid and electric vehicle (EV) chief engineer Chuck Gray to the WSJ.
News of the switch comes following reports earlier in the week that Ford's peer/rival General Motors (NYSE: GM) might be losing about $49,000 on each Chevy Volt EV produced. GM later issued clarification on the reports.
Moving higher in early trading is A123 Systems (Nasdaq: AONE), which makes rechargeable lithium-ion and energy storage systems.
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