You’re pinning their failure (or lack of it) on the fact that...

You’re pinning their failure (or lack of it) on the fact that China has increased the amount of magnets produced and yet Dy usage has dropped in demand and price. That’s today in one country but where are other cars produced now? North America, Europe etc Do you really believe when Mercedes Benz or BMW start producing EV on a mass scale (they’re building factories right now) that Dy and Ny aren’t part of that mix in the future? It’s about forward thinking and NTU will be able to supply when demand increases - that’s a reasonable business model!
BTW - if it wasn’t a good business model then why have the Chinese invested in NTU in the first place? For fun?

https://electrek.co/2018/01/29/mercedes-benz-electric-vehicle-production-global-battery-network/