GM Enters Rare Earth Supply Deal
April 25, 2022—General Motors on Thursday announced it has entered a long-term agreement with rare earth mining and manufacturer MP Materials Corp.
The agreement secures a U.S.-based supply of rare earth materials such as alloy for GM according to a report from the Detroit Free Press. The two companies broke ground on a joint materials processing facility in Fort Worth, Texas. The finished products from the facility will be used in "more than a dozen" of GM's Ultium-powered EVs.
"The new MP Materials magnetics facility in Fort Worth, Texas, will play a key role in GM’s journey to build a secure, scalable and sustainable EV supply chain," GM executive Anirvan Coomer said in a statement.
The move is the latest in General Motors' plans to have a mostly North American-based EV supply chain.