other material
confidence high
sentiment positive
materiality 0.75
MP Materials to build Texas magnet factory, signs long-term supply deal with GM for EV motors
MP Materials Corp. / DE
- Long-term binding agreement with GM to supply U.S.-sourced rare earth alloy and magnets for more than a dozen Ultium Platform EV models starting in 2023.
- New 200,000 sq. ft. greenfield NdFeB magnet facility in Fort Worth, TX; capacity ~1,000 tonnes/year, enough for ~500,000 EV motors annually.
- Facility will create over 100 skilled jobs and serve as headquarters for MP Magnetics; sources materials from Mountain Pass, CA.
- MP Materials expects to produce 6,075 tonnes of NdPr oxide annually at Mountain Pass; Fort Worth facility will consume less than 10% of that.