NOT 48VMH, page-2

It's not a mild hybrid, either. That said, the battery pack is just ~1 kWh, so its EV-only mode is just maybe 3 miles (with no heat or AC) for the Honda Accord Hybrid. Its EPA rating is 47/47/47. Not climate-changing.​

The Accord is both a serial and a parallel hybrid, depending on speed. The ICE powers an electric generator which charges the battery which powers the electric propulsion motor (serial), but the ICE-generator can also clutch the electric propulsion motor and boost power to the wheels (parallel) at high speed. They've been doing this for a few years. The system balances the high torque of the electric motor at low speed with the high speed performance of the low-torque Atkinson ICE. ​

If Honda were to sell an exponentially-growing number of these, rather than the 48VMHs you're besotted with, that would be very good for Lynas. However, I don't believe this complex platform is likely to adopted by many manufacturers in the next several years. After all, it's already been out for a few years and none have followed suit that I'm aware of. This is a multi-year major redesign. By using electric drive it has eliminated the transmission, which is helpful.

In contrast, battery electric vehicles are extremely simple to build (and maintain) and, if the general consensus is correct, they will use a lot more NdFeB magnets. Unfortunately, batteries are still a major roadblock; they are too expensive and range-limiting. The gigafactories will help lower their price. Improving their energy density would be even more preferable. Either improvement would be a driver for REE industry.

The all-electric drive range-extended BEV (most with plug-in capability) is the EV platform that is both most likely to succeed and relevant to Lynas investors, imho. They are also the most likely to retain incentives for as long as such programs exist. Such vehicles dedicate a smallest​

ICE operating at highest efficiency to recharge the battery. The BMW i3 is perhaps the most famous example - certainly in California it is, pretty much because it was designed to pass their laws to receive the biggest possible incentive as well as single-operator allowance on their many HOV lanes (a very nice bennie).