Sell MP Materials (MP)
MP Materials (MP), a rare earths mine and processor, is down about 11% this morning.
The cause is most likely Elon Musk’s comment yesterday that Tesla is working on a plan to produce EV motors without any rare earths.
It is unclear what he means by this comment.
He could mean that Tesla is moving back to lower performance motors, or that they will use some sort of new technology that labs are working on such as iron nickel permanent magnets.
The market seems to be overreacting but to be safe, I recommend you sell your shares in MP.