General Motors Secures Domestic Rare Earth Magnet Supply with Noveon Deal

General Motors has signed a multi-year deal with Noveon Magnetics to secure domestic supplies of rare earth minerals, which are crucial for the production of electric vehicles. The deal aims to reduce GM's dependence on Chinese rare earth minerals, which have been a source of concern for US companies. GM also sources magnets from MP Materials and Vacuumschmelze.

General Motors (NYSE: GM) has signed a multi-year agreement with Noveon Magnetics to secure domestic supplies of rare earth magnets, a critical component in the production of electric vehicles (EVs). The deal, announced on August 6, 2025, aims to reduce GM's dependence on Chinese rare earth minerals, which have been a significant concern for U.S. companies [1].

Under the agreement, Noveon Magnetics will deliver rare earth magnets to support GM's full-size SUVs and trucks. The deal marks another major milestone in building a resilient domestic supply chain for American automotive manufacturing [1].

Scott Dunn, CEO of Noveon Magnetics, stated, "We're proud to be delivering critical rare earth magnets in support of some of America's most iconic vehicles. This agreement is a testament to what American manufacturers like GM and Noveon can do to develop supply chains and partnerships right here in the U.S." [1].

Jeff Morrison, General Motors' global chief procurement officer, noted, "Working with domestic manufacturers like Noveon allows us to increase the resiliency of our supply chain while supporting American jobs and strengthening our industry and economic security. Noveon's magnets will support our most popular vehicles and help continue to deliver a leading portfolio of choice for our customers." [1].

Noveon Magnetics is the only operational manufacturer of sintered NdFeB rare earth magnets in the United States, offering a fully domestic, vertically integrated solution for critical magnet supply. Its proprietary EcoFlux™ magnets enable greater resource efficiency, the beneficial use of recycled materials, and delivery of a superior high-performance product [1].

This agreement comes at a time when the demand for rare earth magnets is accelerating across various sectors, including automotive, defense, energy, and industrial. Noveon continues to scale its capacity to build resilient supply chains [1].

References:
[1] https://www.prnewswire.com/news-releases/driving-american-industry-general-motors--noveon-magnetics-sign-multi-year-agreement-to-deliver-american-made-rare-earth-magnets-302522804.html