BIRTH – VAC announced a long-term binding supply agreement with GM for the production of permanent magnets in North America, another major step towards creating a strong, sustainable and scalable supply chain for electric vehicles. As part of the agreement, VAC will build a facility in North America to produce permanent magnets for electric motors used in a broad portfolio of electric vehicles. The new plant will use locally sourced raw materials. The binding agreement finalizes a VAC and GM memorandum of understanding announced in December 2021.
With 100 years of experience, VAC is a world leader in the development and manufacture of advanced magnetic solutions. VAC is the largest manufacturer of rare earth NdFeB permanent magnets in the Western Hemisphere.
“Demand for rare earth permanent magnets and supporting technologies is intensifying at an unprecedented rate as the world transitions to sustainable clean energy. VAC is extremely excited to partner with General Motors to take this important step to ensure the realization of GM’s all-electric future, » said Dr. Alexander Barcza, Vice President VAC Permanent Magnets.
VAC is in the process of establishing a permanent magnet manufacturing facility in North America to support GM for a minimum of 10 years. The finished magnetos will be delivered to facilities that build EV engines for GM in North America. The VAC facility is expected to begin production in 2025 and create hundreds of new jobs.
“Our agreement with VAC to manufacture permanent magnets in North America represents another important milestone in building a strong, safe, sustainable and cost-competitive supply chain to support our electric vehicle growth.” he has declared Jeff Morrison, GM vice president, global purchasing and supply chain.
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