GM reaches supply deals for electric vehicle motor magnets

DETROIT (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 to be built 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.