GM Reaches Supply Deals For Electric Vehicle Motor Magnets

FILE - This Jan. 27, 2020, file photo shows a General Motors logo at the General Motors Detroit-Hamtramck Assembly plant in Hamtramck, Mich. Shares in electric- and hydrogen-powered truck startup Nikola plunged on Monday Sept. 21, 2020, after the company's founder Trevor Milton resigned amid allegations of fraud - just two weeks after signing a $2 billion partnership with General Motors. (AP Photo/Paul Sancya, File)

(AP) — 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 involving magnets for electric vehicle motors. On Thursday 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 in Fort Worth, Texas, starting in 2023. It’s also negotiating what is likely to be a joint venture with VAC of Germany to build a U.S. factory to make electric vehicle motor magnets. Production is to start in 2024 and will create “hundreds of new jobs” the companies said.

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