General Motors has signed a multi-year agreement with Noveon Magnetics to secure a domestic supply of rare earth magnets for use in its full-size SUVs and trucks. Deliveries began in July, Noveon said Wednesday. The deal comes as China tightens export controls on rare earth materials, which are critical to vehicle and defense manufacturing.
- GM to source rare earth magnets from Noveon Magnetics under a multi-year deal.
- Deliveries of sintered NdFeB magnets began in July.
- Noveon is the only operational U.S. manufacturer of sintered neodymium-iron-boron magnets.
- China controls over 90% of global rare earth processing and introduced new export licensing rules in April.
- Ford previously cited rare earth supply constraints as a disruption to vehicle production.
Relevant Companies
- General Motors (GM) – Strengthening supply chain resilience through domestic sourcing of rare earth magnets.
- Ford Motor Company (F) – Has experienced production disruptions due to rare earth magnet shortages.
Editor’s Note: This is a developing story. This article may be updated as more details become available.
