SEOUL: LG Innotek has developed the world's strongest "eco magnet" in collaboration with magnet company SGI (Sunglim Group Industry) Co.
The magnet minimises the use of heavy rare-earth metals by 60%, thus reducing the risk of vehicle production interruption caused by a shortage of the expensive minerals.
With the new LG magnet, electric motors can be made smaller and lighter.
LG Innotek said its innovation has enabled it to be more competitive in the global magnet industry led by China and Japan.
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Magnets are an essential component in vehicle motors, smartphone cameras, audio speakers, and wind power generators.
At 14.8kG (kilogauss, a measure of magnet strength), the LG magnet is the world's strongest. Rival magnets have strength that vary from 14.2kG to 14.3 kG.
LG Innotek said automakers and vehicle components companies have expressed interest in using the magnet.