General Motors and MP Materials announced the formation of a strategic collaboration to develop a fully integrated U.S. supply chain for rare earth magnets.
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Under the long-term agreement, MP Materials will supply U.S.-sourced and manufactured rare earth materials, alloy and finished magnets for the electric motors used in the GMC HUMMER EV, Cadillac LYRIQ, Chevrolet Silverado EV and more than a dozen models using GM’s Ultium Platform, with a gradual production ramp that begins in 2023.
Neodymium-iron-boron (NdFeB) magnets are critical inputs that enable electric motors to transform electricity into motion. Although development of permanent magnets began in the U.S., there is virtually no domestic capacity to produce sintered NdFeB magnets today. This strategic collaboration seeks to accelerate the restoration of the U.S. rare earth supply chain at commercial scale with high resiliency and environmental sustainability.
MP Materials owns and operates the Mountain Pass rare earth mine and processing facility in California, the only active and scaled rare earth production site in America. Rare earth materials sourced from Mountain Pass will be transformed into metal, NdFeB alloy and magnets at a new production facility MP Materials announced it will build in Fort Worth, Texas, delivering an end-to-end, U.S. supply chain.
GM EV milestones include:
• Invest $35 billion in EV and AV product development by 2025
• Launch more than 30 EVs globally through 2025
• Sell more than 1 million EVs globally by 2025, earning EV market leadership in North America
• Drive first-generation Ultium cell costs 40 percent lower than those used in the Chevrolet Bolt EV; achieve twice the energy density at 60 percent lower cost in the second generation
• Rapidly scale EV manufacturing, with more than 50 percent of North America and China plants capable of EV production by 2030
• Double annual revenues from a five-year average of about $140 billion by the end of the decade, expand margins, and grow EV revenue from about $10 billion in 2023 to approximately $90 billion annually by 2030 ■