GM - MP Materials starts construction on Texas rare earth facility confirms GM deal

MP Materials (NYSE:MP) +3.3% in early trading Thursday after saying it has begun construction at its first rare earth metal, alloy and magnet manufacturing facility, located in Fort Worth, Texas. The company said the plant will be the first of its kind in the U.S. and is a substantial part of its $700M investment over the next two years "to fully restore the U.S. rare earth magnetics supply chain." MP Materials (MP) said the Fort Worth facility will have the capacity to produce ~1K tons/year of neodymium-iron-boron magnets, supporting the production of 500K EV traction motors, with room to scale. MP Materials (MP) and General Motors (GM) also signed a definitive supply agreement to produce rare earth alloy and magnets for GM's electric vehicle programs starting in late 2023, solidifying the terms of an agreement announced by the two companies in December.

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MP Materials starts construction on Texas rare earth facility, confirms GM deal