Earlier quoted context omitted.
Lots misleading in your comment but: -they have built prototypes -they know it will be cheaper because they eliminated the need for rare earth minerals
-Nothing in the article or video says they have actually built prototypes. -They say it can be built without rare earth elements, but say nothing about how that affects performance. Everything else is for the magnet version and they use more magnets than is normal. They do apparently have prototypes, but I'm still skeptical: https://www.youtube.com/watch?v=yqIKZGx-06Y
A prototype has to be real world functional. Doesn't have to be perfect or clean looking, sleek, etc. Just proves it can do a real world function. If it can't do anything useless yet, it's just a lab experiment or wishful thinking.