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

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.