GE & GM sign MoU to develop rare earth materials supply chain for EVs

Date: 2021-10-07   Author: Pankaj Singh  Category: #news

GE & GM sign MoU to develop rare earth materials supply chain for EVs

General Electric Company (GE) and General Motors Company (GM) have reportedly planned to establish a rare earth materials supply chain, to aid in the development of renewable energy equipment and electric vehicles. The memorandum of understanding signed between GE Renewable Energy and GM will assess options to enhance supplies of light and heavy rare earth materials along with copper, magnets, and electrical steel.

The initial plan of the companies is to focus on making a magnet manufacturing supply chain based in Europe and North America. This is because the finished magnets and metal alloys are crucial components used for creating electric motors for automotive as well as renewable power generation.

GE Renewable Energy and General Motors will also look to develop new supply chains for materials such as copper and eSteel, which is a new alloy that embodies recycled materials. These metals are used extensively in renewable power generation and automotive traction motors.

The United States is attempting to augment its production of rare earth materials in order to reduce its reliability on China. In 2018, China generated around 120,000 metric tons of rare earth, whereas the U.S. produced 15,000 metric tons, as per the U.S. Geological Survey.

GM recently announced that it is building a large laboratory for creating new electric vehicle batteries in Michigan. At this facility, scientists will work on the chemistry to reduce costs of around 60% over existing vehicles and enable people to travel 500 to 600 miles, or 800 to 965 kilometers on a single charge.

The automaker from Detroit plans to spend close to USD 35 billion on autonomous and electric vehicles from 2020 to 2025. The company is planning on introducing 30 new electric vehicles around the world by 2025 and has an aim of exclusively selling electric passenger vehicles by 2035.

For those unversed, General Electric is a multinational conglomerate, operating in various verticals, that was founded in New York State and has its headquarters in Boston.

Source credits:

https://www.moneycontrol.com/news/business/gm-ge-look-to-develop-rare-earth-materials-supply-chain-7552241.html



About Author


Pankaj Singh linkdin-boxtwitter

Pankaj Singh

Pankaj Singh Develops content for Algosonline, Market Size Forecasters, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

Read More

Post Recommendents

Paytm Money unveils Pops messenger to offer user-specific insights

Author: Pankaj Singh

Paytm Money Limited, a fully-owned subsidiary of One97 Communications Ltd, has reportedly launched AI-based Pops messenger to offer user-specific insights on stocks, portfolios, and market analysis.

Flexible Dies Market 2022, Global Industry Size, Share, Analysis, Trends, Overview and Segmentation 2028

Author: Ashwin Naphade

The Global Flexible Dies Market Report includes a comprehensive analysis of the present industry status offering basic Flexible Dies overview and then goes into each and every detail.

.

Request a sample Report of Flexib...


Overhead Catenary Working Vehicles Market Size, Share, Statistics, Trends, Types, Applications, Analysis and Forecast, Global Industry Research 2028

Author: Ashwin Naphade

Global Overhead Catenary Working Vehicles Market analysis report speaks about the manufacturing process. Global Overhead Catenary Working Vehicles market report analyses the market growth, trends, overview & forecast to 2028.The report covers ...