Stay updated with breaking news from Mp Materials. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
The switch from internal combustion engines to electrically-powered motors is causing major shifts in the way carmakers are doing business. Having witnessed over the past couple of years what supply shortages can do to production plans, most of them are realigning their operations to include the in-house (or at least as close-to-home as possible) production of components.
General Motors has taken two more steps to make sure it has the raw materials for the transition from petroleum to battery power, this time lining up magnets for electric vehicle motors. The company said it has a deal with MP Materials to supply rare earth metals and finished magnets for the motors from a new factory to be built in Fort Worth, Texas, starting in 2023.
GM is going to source electric vehicle battery materials in North America! Adding another piece to its cohesive efforts to scale EV capabilities.
April 23, 2021 In 2010, the Japanese government had a rude wakeup call: Beijing had abruptly cut off all rare earth exports to Japan over a fishing trawler dispute. Tokyo was almost entirely dependent on China for the critical metals, and the embargo exposed this acute vulnerability. The silver lining to this incident, which sent global rare earth prices skyrocketing before they crashed down as the speculative bubble popped, is that it forced Japan to rethink its critical raw materials policy. A decade on, it has significantly reduced its dependance on China for rare earths, and continues to ...
February 19, 2021 As the US takes steps to restore a full rare earths supply chain onto American soil, a Chinese rare earths giant is embedding itself more deeply into the global supply chain. China is currently the world’s dominant producer of rare earths, used in a wide range of advanced tech products, having taken that crown from the US in the 1990s. Because of their crucial role in the global economy, rare earths hold national security importance and their supply chain is as much a matter of geopolitics as business. As the US seeks to reduce dependence on China, China’s shoring up its...