TNI || New Delhi || 12th Del 2021
General Motors & MP Materials have gone on to announce the formation of a strategic partnership to manufacture a fully integrated U.S. supply chain for rare earth magnets.
A stretched contract will mean that MP will have to supply the US-sourced as well as manufactured rare earth materials.
And also alloy and finished magnets for electric motors that are used in Cadillac LYRIQ, GMC Hummer EV, Chevrolet Silverado EV, and also more than a dozen models that are using GM’s Ultium platform.
Both the companies have entered into an agreement and also expect to take up a definitive supply agreement in no time.
Besides, the two companies are also looking forward to collaboratively engaging from a perspective of a public policy seeking them for an establishment of a secure, U.S. rare earth supply chain.