GM adds partners to build up EV supplies

To reach $90 billion in electric vehicle revenue by 2030, General Motors Co. is continuing to grow a North American-focused supply chain for its coming EVS and on Thursday revealed two new partners in that mission.

First, GM has formed a supply partnership for rare earth materials, alloy and finished magnets for electric motors from MP Materials, owner and operator of the Mountain Pass Rare Earth Mine and Processing Facility, which is claimed to be “the only rare earth mining and processing site of scale in North America.” There’s no capital investment from GM involved in this supply partnership.

Second, GM and Vacuumschmelze or VAC, a global producer of advanced magnetic materials, are finalizing the details of a deal for VAC to build a U.S. facility that will manufacture permanent magnets for electric motors in GM’S EVS built on GM’S new Ultium electric platform.

The Detroit automaker, which plans to have 30 EVS launched globally by 2025, wants to drive down the cost of EV production and vehicle prices by further developing the North American supply chain for the materials needed to build EVS.

Last week, GM said it’s planning to form a joint venture with South Korean company Posco Chemical for a new North American processing facility for key materials needed for electric vehicle batteries.

GM has also formed a joint venture with battery supplier LG Energy Solution for battery cell manufacturing plants. The companies plan to build four U.S. sites with the first one in northeast Ohio slated to come online early next year.