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GM is partnering with two raw material suppliers that will lower GM's costs, secure its supply chain and create jobs with new factories.

General Motors announced two major partnerships related to rare earth permanent magnets for Ultium platform electric motors in North America.

GM is going to source electric vehicle battery materials in North America! Adding another piece to its cohesive efforts to scale EV capabilities.

General Motors and MP Materials today announced the formation of a strategic collaboration to develop a fully integrated U.S. supply chain for rare earth magnets. 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 used in the GMC HUMMER EV, Cadillac LYRIQ, Chevrolet Silverado EV and more than a dozen models using GM’s Ultium Platform, with a gradual production ramp that begins in 2023.

As automakers everywhere try to find a leg up on the competition, General Motors is securing its future by partnering with VAC, a large-scale magnet manufacturing firm. The deal will see a new magnet factory built in the USA, with production beginning in 2024.