The rare earth and lithium metal markets in China and South America are bracing themselves for the impact of various industries looking into ways of replacing the rare metals they supply in their products.

The areas hold what is essentially a monopoly on rare metals and lithium, prompting discomfort from both the hybrid and electric car industry who would rather more competition for the products be available.

As such companies like Toyota are now researching methods that could result in them no longer having to use the rare metals in their car electric manufacture, causing a severe dent to the rare metal industry in the process.

Most electric cars currently rely on Lithium-ion batteries for storing power and allowing for quick recharging. However the concerns over the markets supplying these materials is becoming more widespread as firms dislike the idea of being at the mercy of foreign governments for their materials.