Korea's First Domestic Production of Rare-Earth Permanent Magnets for Electric Vehicle Motors
KC Mark Korea Certification | Automotive Components
'Neodymium (Nd)-based rare-earth permanent magnets,' the crucial components for electric vehicle motors, are now domestically produced for the first time at the newly inaugurated Hyunpung plant.
The Hyunpung plant is expected to produce around 1,000 tons of rare-earth permanent magnets annually, reducing dependency on overseas sources, particularly China. This strengthens South Korea's supply chain for electric vehicles.
The supply chain for raw materials, specifically neodymium, will also diversify from China to include sources from countries like Australia and Vietnam. This diversification is set to begin from the end of next year.
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