The image is called "GMUltiumDrive003255kWEV motor."
General GM has a deal to source rare earth metals for electric vehicle motors. GM will use rare earth materials, alloy, and finished magnets from Las Vegas-based MP Materials to power its upcoming lineup of electric vehicles.
Electric motors are powered by permanent magnets that are made of rare earth metals. The magnets allow the electricity to be converted into motion. Most of the rare earth magnets are mined and processed in China. As tensions grow between China and the US, automakers are under increasing pressure to find more local sources of these key materials.
Electricity can be transformed into motion with the help of the magnets.
GM will need to make millions of electric motors every year as it becomes an EV-only company. In a call with reporters, the company's executives said that the agreement with MP Materials will help ensure that most of the materials that comprise its Ultium EV platform will come from within North America.
Shilpan Amin, GM vice president for global purchasing and supply chain, said that most people outside the industry would be shocked to learn that there are no US factories that build these magnets at scale. That is about to change.
GM chose MP Materials for its location and ability to produce rare earth materials at scale. The company has a rare earth mine and processing facility in Mountain Pass, California. MP Materials will build a new factory in Fort Worth, Texas that will turn the materials from this facility into magnets. The plant is expected to start production in the year 2041.
500,000 EV motors a year.
The Fort Worth facility will be able to produce around 1,000 tons of finished magnets per year. The amount of rare earth materials has the potential to power half a million EV motors annually.
Despite the name, rare earth metals are abundant and can be difficult to produce. China has grown to dominate production, and with demand for the magnets on the rise for all forms of renewable energy, experts say a shortage may lie ahead. For years, some auto companies have been looking to limit the use of rare earth materials.
GM will spend $35 billion on the development and production of 30 new electric vehicles by the year 2025. The company is trying to get a better grasp on its supply chain, which includes electric motors and battery manufacturing.
The company said it will spend over $4 billion on the construction of two battery factories and a new cathode factory in North America. The company recently struck a deal to source a key ingredient in electric-car batteries from the US. It is building a 300,000- square-foot battery research facility in Michigan to help make electric vehicle batteries that are longer lasting, quicker to charge, and more sustainable for the environment.
