EV market analysis
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BloombergNEF · United States · Niron Magnetics broke ground on a Minnesota iron nitride magnet plant and Ola Electric certified ferrite motors as rare earth substitution reached commercial inflection
BloombergNEF EV battery chemistry tracking: LFP (lithium iron phosphate) chemistry represented approximately 55% of global EV battery installations in 2025, up from 40% in 2023. LFP does not require cobalt or nickel, reducing battery supply chain exposure to DRC cobalt and Indonesian HPAL nickel. The shift to LFP is the single largest rare-earth-adjacent substitution trend, as LFP chemistry is also compatible with ferrite or induction motors rather than NdFeB permanent magnets in some platforms.
“LFP reached 55% of global EV batteries in 2025, up from 40% in 2023; LFP is compatible with ferrite motors, reducing NdPr demand alongside cobalt and nickel independence.”