Bipartisan Bill Aims to Boost Domestic Production of Rare-Earth Magnets for EVs, Tech
• Democratic and Republican senators introduced legislation to boost domestic production of rare-earth magnets used in EVs, defense, tech.
• Bill would provide tax credits for magnets produced in the U.S., more for those with domestically sourced components.
• U.S. mines 14% of global rare earths but China controls 90% of magnet production, bill aims to reduce dependence.
• Comes as Biden pushes EV adoption to 50% by 2030, but environmental rules have limited domestic mineral mining.
• Bipartisan bill seeks to support the sole U.S. rare earth mine in Nevada and catalyze investment in vulnerable supply chain.