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GM will get magnets for EVs from Vacuumschmelze

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GM just signed a deal with a new magnet manufacturer"The deal follows up on a previous memorandum of understanding between GM and the German magnet manufacturer in early December 2022. A memorandum of understanding declares two or more companies’ intention to cooperate for a specified purpose, but is non-binding.

According to a report from Reuters, Vacuumschmelze says its North American factory will be operational by 2025. The facility will use raw materials the company sources “locally,” though it provided no exact details. It will supply GM with rare earth permanent magnets for at least 10 years following the start of production at its new plant.

The magnets produced by Vacuumschmelze will be used for electric vehicles across multiple GM brands. Those vehicles include the Chevy Silverado EV pickup truck, the Cadillac Lyriq luxury crossover, the GMC Sierra EV and the massive GMC Hummer EV."
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