General Motors (GM) has signed a multi-year deal with Noveon Magnetics for rare earth magnets used in vehicle components, prioritizing full-size trucks and SUVs. The partnership guarantees a domestic supply chain following China’s rare-earth export restrictions. Noveon, the sole US producer of these magnets, emphasizes resource efficiency and recycled materials in its EcoFlux line.

GM’s collaboration with Noveon aligns with its strategy to bolster US-based manufacturing for rare earth magnets. Despite a $1.1bn profit dip in Q2 due to trade tariffs, GM remains focused on strengthening its supply chain resilience and supporting American jobs. The deal underscores the potential for US manufacturers to cultivate local partnerships and enhance economic security.

Read more at Yahoo Finance: GM strikes deal with Noveon Magnetics for supply of rare earth magnets