Abstract for: Modeling the Supply Chain of Cobalt and Rare Earths Under Future EV Deployment

Within the last ten years, the world has seen a trend towards global electrification. One sector expected to expand significantly within the next 10 years as part of the global electrification movement is the electric vehicle (EV) industry. However, the expansion of the EV market has generated concerns of not only the global supply of batteries but the global supply of permanent magnet motors as well. Batteries rely heavily on cobalt whereas permanent magnet motors rely heavily on rare earths. A system dynamics model was created to simulate market dynamics of magnet substitution and the associated material supply chains for evaluating the impact of CMI magnet technology.