GM and General Electric to Explore Rare Earth Supply Projects for Electric Vehicles, According to Reuters

General Motors Co and General Electric Co announced their plans on Wednesday to explore the development of a supply chain for rare earths and other minerals essential for producing electric vehicles and renewable energy equipment.

The two companies have signed a memorandum of understanding to assess collaborative efforts aimed at enhancing access to rare earths, rare earth magnets, and steel. As of now, no financial transactions have occurred between the partners, and no specific decisions have been made regarding potential actions, such as the establishment of a manufacturing facility or mining operations.

General Motors expressed its intent to collaborate with General Electric on opportunities in North America, where both companies are based, as well as in Europe.

General Electric commented that while there is no set timeline for implementation, collaborating with GM provides an additional strategy for securing reliable, sustainable, and competitive sources of essential materials.

Metal alloys and finished magnets created from rare earth materials are crucial components in the manufacturing of electric motors utilized in both automotive applications and renewable power generation.