Estonia's rare-earth magnet plant attracts European EV makers

Europe's electric vehicle industry is seeking rare-earth magnets from a new plant in Estonia, aiming to reduce reliance on China. The Canadian company Neo Performance Materials opened a $75 million plant in Narva, Estonia, which will produce essential components for up to 1 million EVs annually. This move addresses global supply chain vulnerabilities. The plant's opening comes as Europe accelerates EV production and faces trade tensions, particularly concerning rare earths, with China. Neo's facility is the only one of its kind in the West.