Tuesday, November 29, 2022
News General Motors Found a Partner to Supply Electric Motor Magnets

General Motors Found a Partner to Supply Electric Motor Magnets

General Motors secured a supply of electric motor magnets

  • MP Materials, of Fort Worth Texas will supply rare earth metals and magnets for electric motors

  • Another deal with a German company to build Magnets in the US is on the table

  • These two deals could supply GM with all the magnets it will need for a few years

General Motors has struck a deal with MP Materials, a company based in Fort Worth, Texas, to supply it with rare earth metals and magnets to use in electric motors for its electric vehicles.

This partnership will secure the automaker a more direct access to crucial elements needed to produce electric vehicles, the importance of which has become very apparent since the pandemic, with automakers scrambling to find the parts they need to build enough cars to meet the demand.

Having a partnership with a supplier will allow General Motors to count on a reliable supply of components, no matter how the rest of the industry is doing.

In addition to this partnership, the automaker is currently working on a similar deal with Vacuumschmelze of Germany in order to open a new factory in the United States that will also supply the company with magnets for electric motors.

The demand for electric vehicles in the US is expected to reach 400,000 at the end of this year, which is almost double the number of units sold last year. In addition, sales are expected to reach 730,000 next year and 2 million by 2025.

These partnerships will help GM face this increase in EV sales with MP Materials having a production capacity capable of supplying 500,000 electric motors per year and Vacuumschmelze having an unspecified additional capacity. Both of these outputs combined will be enough to meet GM’s demands for a few years at least.

Trending Now

Ford Recalls 634,000 Bronco Sport, Escape Models over Fire Risk

Cracked injectors could lead to fire Fix involves new software, drain tube Ford is recalling more than 634,000 Bronco Sport and Ford Escape models...

BMW 3.0 CSL Celebrates 50 Years of M With a Carbon Body and 554 HP

Hand-made carbon fiber highlights CSL Just 50 of these super-Ms will be built BMW has just launched the most hardcore offering in its celebration...

Toyota bZ4X: Cold Weather Tests Show a Much Shorter Range than Advertised

The electric SUV only managed to drive 47% of its WLTP range in Danish tests conducted at 4˚C (39˚F). Even when compared with...

No Extra Power for S650 2024 Ford Mustang?

Multiple sources say 450 hp for 2024 Mustang GT Ford still planning 500 hp Dark Horse model The next-generation 2024 Ford Mustang is coming...

The Lexus CT Could Return as a Small SUV

The hybrid sub-compact hatchback was sold in North America between 2011 and 2017. The new CT could slot between the sub-compact UX and...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.