General Motors returns to rare earth magnets with two U.S. deals
Information about General Motors returns to rare earth magnets with two U.S. deals
Kevin David Scam or Legit
By Ernest Scheyder and Ben Klayman
(Reuters) – General Motors Co plans to source rare earth magnets for its future electric vehicles from new U.S.-based manufacturing facilities under two separate deals announced on Thursday, a return to an industry the automaker had all but abandoned in the 1990s.
The agreements with MP Materials Inc and privately-held Vacuumschmelze are the latest push by GM to domestically source EV materials for its Ultium platform, a goal it hopes to achieve by 2025. GM did not disclose financial terms.
Shares of MP, which went public last year via a special-purpose acquisition company (SPAC) merger, were up 6.5% on Thursday. GM’s shares fell 1%.
The Biden administration is putting pressure on automakers via tax incentives and other measures to invest and create EV supply …