MP Materials Corp (NYSE:MP) shares are diving Thursday in the wake of Tesla Inc's (NASDAQ:TSLA) Investor Day. The EV maker announced that it has designed a motor that does not require the use of rare earth elements.
What To Know: Tesla held its first ever investor day late Wednesday. The company unveiled plans to transition the world to a 100% clean and renewable sustainable energy economy over the long term.
As part of these efforts, Tesla said it has designed and plans to develop a permanent magnet motor that uses zero rare earth metals. The company also expects to use about 75% less silicon carbide in its next-gen drive unit.
Check This Out: Tesla's Master Plan Part 3 Unveiled: Elon Musk Aims For Sustainable Energy For All Of Earth By 2050
MP Materials produces specialty materials that are vital inputs for electrification and other advanced technologies. MP's Mountain Pass facility is America's only scaled rare earth production source.
MP Price Action: MP Materials has a 52-week high of $60.19 and a 52-week low of $23.49.
The stock was down 14.1% at $30.78 at time of publication, according to Benzinga Pro.
Photo: courtesy of Tesla.