Why MP Materials Stock Dropped on Friday

MP Materials (NYSE: MP) stock tumbled 9% through 3 p.m. ET Friday after London's Financial Times reported on a potential competitive threat to MP's vast investments (already made) in reviving the American rare earth mining industry, and capacity to produce rare earth magnets domestically.Image source: Getty Images.Automotive giants Stellantis and General Motors, along with Volvo and Samsung, are investing $150 million in a start-up called Niron Magnetics, which aims to make magnets from common elements such as iron and nitrogen -- rather than rare earth elements (which aren't exactly rare, but can be hard to refine). Various U.S. government agencies have granted the company nearly $70 million more in tax credits and other subsidies.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool