General Motors announced today that it has signed a non-binding memorandum of understanding with GE Renewable Energy to look for ways to improve the supply of heavy and light rare earth materials and magnets, copper, and electrical steel used to make electric vehicles.
Initially, the pair will focus on creating a supply chain for magnet manufacturing in North America and Europe. GM will use those materials to manufacture electric motors for automotive and renewable power generation.
“A secure, sustainable and resilient local supply chain for electric vehicle materials is critical to the execution of GM’s vision of an all-electric future,” said Shilpan Amin, GM vice president for Global Purchasing and Supply Chain. “Motors are one of the most important components of our Ultium Platform, and the heavy and light rare earth materials are an essential ingredient in our motor magnets.”
The companies also plan to work together to establish a supply chain for materials like copper and eSteel. These materials are also used in the production of automotive electric motors and in the generation of renewable energy.
“Working with GM gives us another tool to obtain a reliable, sustainable, and competitive source of key materials going forward that will help us lower the cost of renewable energy and drive more electrification by making EVs a more viable option for consumers,” said Danielle Merfeld, Chief Technology Officer for GE Renewable Energy.
On top of establishing a supply chain, the two companies will also explore the possibility of cooperating on new technologies and processes for producing electric vehicles. They also plan to work together to lobby the government to support their efforts.