"Rather than worrying about a lack of lithium, there could be shortages of rare earth materials, should the EV replace the conventional car. One such material is the permanent magnet for the electric motors. Permanent magnets make one of the most energy-efficient motors. China controls about 95 percent of the global market for rare earth metals and expects to use most of these resources for its own production" - https://batteryuniversity.com/learn/article/availability_of_...

Right, rare earths are in motors, not in batteries, as the quote you cited says. And indeed China controls large parts of the global market, as they flooded the market with cheap rare earths, which caused mines in the west to shut down. They can be reopened as the market price for rare earths rises.