MP Materials Begins Construction On Texas Factory; Inks Supply Deal With GM

Mp Materials Corp MP has signed a definitive supply agreement with General Motor Co GM to produce alloy and magnets for the automotive giant's EV programs. The financial terms were not disclosed.
Under the long-term agreement, MP Materials will supply U.S.-sourced and manufactured rare earth materials, alloy, and finished magnets for the electric motors.
MP Materials' Texas magnetics facility will source materials from Mountain Pass, California, and produce magnets powering approximately 500,000 EV motors per year, with the potential to scale.
Related Content: MP Materials: Rare Earth Mining Company Is The Thing Behind The Thing For EVs, Other Sectors
The facility is a substantial component of a $700 million investment MP Materials will make to fully restore the U.S. rare earth magnetics supply chain over the next two years.
MP Materials has started the construction at the Fort Worth, Texas facility.
"The new MP Materials magnetics facility in Fort Worth, Texas, will play a key role in GM's journey to build a secure, scalable, and sustainable EV supply chain," said Anirvan Coomer, Executive Director, Global Purchasing & Supply Chain, GM.
Price Action: MP shares are trading lower by 2.88% at $43.94 on the last check Thursday.
Photo Via Wikimedia Commons

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