GM, GE look to develop rare earth materials supply chain
General Motors and General Electric are looking at developing a supply chain of rare earth materials that help make electric vehicles and renewable energy equipment.
The companies said Wednesday that the memorandum of understanding between the automaker and GE Renewable Energy will evaluate options to improve supplies of heavy and light rare earth materials as well as magnets, copper and electrical steel.
They initially plan to concentrate on making a North America- and Europe-based supply chain of magnet manufacturing, as metal alloys and finished magnets made from rare earth materials are critical components used in creating electric motors for automotive and renewable power generation.
GM and GE Renewable Energy will also look to create new supply chains for materials such as copper and eSteel – a new alloy that incorporates recycled materials – that are used in automotive traction motors and renewable power generation.