- Mp Materials Corp (NYSE:MP) has signed a definitive supply agreement with General Motor Co (NYSE:GM) to produce alloy and magnets for the automotive giant's EV programs. The financial terms were not disclosed.
- Under the long-term agreement, MP Materials will supply U.S.-sourced and manufactured rare earth materials, alloy, and finished magnets for the electric motors.
- MP Materials' Texas magnetics facility will source materials from Mountain Pass, California, and produce magnets powering approximately 500,000 EV motors per year, with the potential to scale.
- Related Content: MP Materials: Rare Earth Mining Company Is The Thing Behind The Thing For EVs, Other Sectors
- The facility is a substantial component of a $700 million investment MP Materials will make to fully restore the U.S. rare earth magnetics supply chain over the next two years.
- MP Materials has started the construction at the Fort Worth, Texas facility.
- "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," said Anirvan Coomer, Executive Director, Global Purchasing & Supply Chain, GM.
- Price Action: MP shares are trading lower by 2.88% at $43.94 on the last check Thursday.
- Photo Via Wikimedia Commons
