What happens to all the magnets and induction motors if the power is cut? (Like from a nearby storm),(reply>), They use permanent magnets, not electromagnets, and I’d bet that at least part of the reason is the scenario you described.,(reply>), Then the brakes will be activated. However in theory the elevator could slowly lower if it is on a vertical rail (aluminium is not magnetic, but it will be will be slowed down in a magnetic field)