MP - MP Materials to build magnet plant in Texas supply GM electric vehicles

MP Materials (MP +11.2%) surges at the open after announcing plans to build its initial rare earths magnet factory in Fort Worth, Texas, and entering into a long-term supply agreement with General Motors (NYSE:GM). MP says the plant will produce NdFeB alloy and magnets with the potential to power 500K electric vehicle motors per year, with a gradual production ramp expected to begin in 2023. From the new factory, MP will supply GM with rare earth materials, alloy and finished magnets for the electric motors in more than a dozen models using GM's Ultium Platform. "This is a momentous occasion for the reshoring of the American supply chain, and we are grateful for GM's confidence, commitment and leadership," MP Materials Chairman and CEO James Litinsky says. MP Materials recently was recommended with a Buy rating at Bank of America, seeing the company as a "unique U.S. equity exposure to a critical raw material, rare-earths

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MP Materials to build magnet plant in Texas, supply GM electric vehicles