GM and GE Renewable sign MoU to support EV and renewable energy growth
General Motors (NYSE: GM) and GE Renewable Energy (NYSE: GE) today announced they have signed a non-binding Memorandum of Understanding (MoU) to evaluate opportunities 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.
The initial focus of the collaboration will be on creating a North America and Europe based supply chain of vertically integrated magnet manufacturing that both companies, their respective suppliers, and other co-sourcing partners will use in the future. Metal alloys and finished magnets produced from rare earth materials are critical components used in manufacturing electric motors for automotive and renewable power generation.
The companies will also work together to help establish new supply chains for additional materials, such as copper and eSteel that are used in automotive traction motors and renewable power generation.
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