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Long-Term Supply Agreement By GM & MP Materials To Unearth Rare Earth Magnet And Production In The U.S.

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.

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A stretched contract will mean that MP will have to supply the US-sourced as well as manufactured rare earth materials.

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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.

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Both the companies have entered into an agreement and also expect to take up a definitive supply agreement in no time.

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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.