EU’s Biggest Rare-Earth Magnet Plant Draws EV Makers

Executives from Europe’s electric-vehicle industry are trekking to the continent’s sparsely populated northeastern parts to queue for something they struggle to find outside of China: rare-earths magnets that are essential components in EVs.

In Narva, an Estonian industrial town that sits across the river from Russia, Canadian company Neo Performance Materials has built a $75 million magnets plant that opened on Friday. Neo’s initial output will supply components for as many as 1 million cars annually.