Renault (RNLSY) has terminated a project with Valeo (VLEEY) to make a new rare-earth-free electric vehicle motors and will instead try to find a cheaper Chinese supplier, Reuters’ Gilles Guillaume reports, citing two sources familiar with the matter. The French car maker said in late 2023 it was working with Valeo to develop a new, more powerful and more compact EV motor without using rare earth materials, the author notes.
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