In another do-it-yourself move to offset supply-chain access and shortages, GM and GE Renewable Energy announced a Memorandum of Understanding (MoU) to improve supplies of heavy and light rare earth materials and magnets, copper and electrical steel used for manufacturing of electric vehicles and renewable energy equipment.
First, the focus will be on creating a North America and Europe based supply chain of vertically integrated magnet manufacturing that both companies, their suppliers and co-sourcing partners will use going forward. The companies will also work together to stablish new supply chains for such materials as copper and eSteel for automotive traction motors and renewable power generation.
As a part of the agreement, GM and GE Renewable Energy will also evaluate potential cooperation to support the development of new technologies and processes for both automotive and renewable power generation applications. They also plan to engage with other co-sourcing partners, to seek policies that are supportive of the establishment of secure, North American and European based supply chains for rare earth, copper and electrical steel materials needed to support electric vehicle and renewable power generation growth.
Original Release: GE
