MP - MP Materials Sigma Lithium plunge on Tesla's plan for motor without rare earths

MP Materials ( NYSE: MP ) -10.8% pre-market Thursday after Tesla said it will not use rare earth minerals in its next-generation motor; MP is a supplier to automotive manufacturers, including GM.

At its investor day Wednesday, Tesla unveiled a master plan including a new manufacturing platform for building next-gen EVs, with a powertrain that features a permanent magnet motor that will not use new rare earths.

Lithium producers also are indicated lower, including Sigma Lithium ( SGML ) -9% , Albemarle ( ALB ) -1.4% , Livent ( LTHM ) -2.5% , Lithium Americas ( LAC ) -1.8% and SQM ( SQM ) -2.9% .

Tesla reportedly had been weighing a takeover offer for Sigma Lithium .

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