Japanese car manufacturer Honda Motor recently said that it is planning to introduce a new motor intended for hybrid vehicles that will not rely on heavy rare-earth minerals. Honda's latest breakthrough could mean that the company will no longer depend on expensive imported materials which are mainly controlled by China.

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At the heart of Honda's new motor are magnets which are developed by Daido Steel Corporation. These magnets do not contain heavy rare-earth minerals. Honda said that its Freed minivans, which are scheduled to be released this fall, will sport these new magnets, according to Reuters.

In a statement released by Honda, the Japanese company said, "Adoption of this technology enables a break from the constraints associated with heavy rare earth, which had been one of the challenges to expanding the use of neodymium magnets."

Two more Japanese car manufacturers, Toyota Motors, and Nissan Motors, are also developing ways to reduce their reliance on heavy rare-earth materials. The three motor companies made this decision after China decided to impose stricter export rules following diplomatic disputes with Japan.

According to Bloomberg, China is responsible for more than 80 percent of global production of 17 rare earth materials. These materials are used to manufacture a wide range of products ranging from smartphones to cruise missiles and electric cars.

Honda and Daido Steel claim that they are the first companies to introduce this new type of magnet which has high heat resistance and is ideal for use in hybrid cars. Following the announcement, Honda's stock price rose by 3.3 percent during the midday trading break in Tokyo. On the other hand, Daido Steel's stock price rose by three percent.

TagsHonda, china, Daido Steel, Heavy Rare-Earth minerals, Honda news, Honda update