Caught in the middle of the U.S.-China trade war is a Chiclet-size magnet that is vital to every new electric vehicle on the road. The magnet is made with dysprosium. Atomic number 66. A rare-earth mineral with a silver metallic luster. More than 90% of refined dysprosium comes from China, and it is used in magnets that power everything from medical equipment to EV motors. In its retaliation against U.S. tariffs, China slowed exports of several rare-earth minerals and magnets this month, setting off a panic among U.S. automakers. “You cannot build the motor without the magnet,” said a senior automotive executive. “If we want electric-vehicle production to continue to happen in the United States, this has to be solved.”
Source: wiktionary
Myanmar is the world's third-largest source of rare earths after China and the US, and last year it accounted for almost half of the global mining of two especially important elements: dysprosium and terbium, which are essential for electric vehicles, wind turbines and certain military gear. […] The most important application of dysprosium and terbium, which belong to a subgroup known as the heavy rare earths, is in devices called neodymium boron magnets, or neo magnets for short. In small quantities, dysprosium and terbium allow neo magnets to operate at far higher temperatures than they otherwise could. Thus improved, they're key components in the drivetrains of EVs; the stronger the magnets, the more efficient an electric motor can be. They can also enhance the rotation of wind turbines and are used in the precision targeting systems of missiles.
Source: wiktionary