Isn't that Japan in general, and for national security reasons? AFAIK they're wholly dependent on China for crucial mineral components in EVs, and 'burning the boats' by abandoning internal combustion manufacturing would effectively turn them into China's vassal.
Yes, 'rare earths aren't rare,' and I hear that, and then I also hear that everyone is screwed if China won't sell theirs.
It can't be both. The key reasons I've heard for China owning this market are a) they have large deposits, b) they heavily invested for decades, and c) they aggressively dump and undercut in an anticompetitive fashion to ensure they keep the market cornered.
Seems like the only way out of this is to stop being religiously opposed to state subsidies in an industry of clear national security importance, combined with maybe a Herbert Dow-style jiu-jitsu move of countering any dumping by stockpiling and then re-selling the below-market product.
