Cobalt is not a rare-earth though. Neither is platinum. Also LFP batteries - something e.g. China went all in on require no cobalt whatsoever.
NiMH batteries in old hybrids used Lanthanum and BLDC motors use Neodymium, but the former was never used in mass-produced EVs and the latter can be supplanted by either AC induction motors (like in early Teslas) or, more recently, switched reluctance motors.
NiMH batteries in old hybrids used Lanthanum and BLDC motors use Neodymium, but the former was never used in mass-produced EVs and the latter can be supplanted by either AC induction motors (like in early Teslas) or, more recently, switched reluctance motors.