A neodymium shortage would be serious news for the electric vehicle market as it stands, and we've already seen the consequences. Last year a clampdown on illegal mining in China (which supplies 80 percent of the planet's rare earth materials) caused neodymium prices to skyrocket by more than 30 percent in just one month. Toyota's plans will help protect the company and keep it on track to sell 5.5 million electrified vehicles by 2030, which will certainly be achievable if its cars are also cheaper as a result of this switch.