In another move to make sure it has what it needs to electrify its lineup, General Motors Co. said Thursday it entered into a supply agreement with MP Materials Corp. for the alloy and magnets needed for EV programs.
The agreement solidifies terms of a binding agreement announced by the companies in December. MP Materials will supply U.S.-sourced and manufactured rare earth materials — alloy and finished magnets — for electric motors in more than a dozen models using GM's new Ultium EV platform. MP is planning a gradual production ramp-up starting in late 2023 with alloy.
The supply agreement is one of several GM has made in the last year to shore up the materials it will need to build 1 million electric vehicles in North America by 2025.
