General Motors Cancels Rare Earth Magnet Supply Deal
General Motors terminated its long-term supply agreement with VAC for rare-earth magnets. The move highlights challenges in building domestic US supply chains.
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GENERAL MOTORS CO cancelled a long-term supply agreement with a new United States rare-earth magnet facility, sparking an arbitration dispute. The fallout highlights the hurdles domestic producers face in reducing reliance on China, which controls 90% of global permanent magnet output. The dispute also exposes shifting EV strategies following federal support rollbacks in the United States.
