Broader point is this: Middle East created oil crisis back in 70s. Since then US economy has grown enormously while it's still using pretty much same amount of oil, imported or otherwise. They shot themselves in their foot. Iran is doing this now, telling the world to avoid Hormuz. They will learn to do that.

China is doing that by blackmailing countries with rare earth.

Answers will be found. Especially as some of finest brains across 2 continents + Japan are very interested in doing it. In the past, China could flood market at right time to make alternatives unviable. But that trick has worn off.

In this context, 92% or even 80% efficiency of permanent magnets is no big deal. It'll not be the answer to every use case but will satisfy many and limit demand.