Two generals of the industrial and automotive manufacturing industries have paired up to study the use of rare earth elements for electric vehicles and renewable energy equipment.
General Motors Co. and General Electric Co. signed a memorandum of understanding on Oct. 6 to research ways to cooperatively improve access to rare earth materials, magnets and common metals, such as copper and steel, according to Reuters.
"While we do not have a definitive timeframe for implementing it, working with GM gives us another tool to obtain reliable, sustainable and competitive sources of key materials," General Electric told Reuters.
Rare earth elements, minerals, metals as well as more common resources, are critical for electric vehicles and renewable energy infrastructure. It's unclear what form the partnership will take. However, according to TechCrunch, both companies said they want to find common ground on public policies and supply chains across North America and Europe.
"A secure, sustainable and resilient local supply chain for electric vehicle materials is critical to the execution of GM's vision of an all-electric future," Shilpan Amin, GM's vice president for global purchasing and supply chain, said. "Motors are one of the most important components of our Ultium Platform, and the heavy and light rare earth materials are an essential ingredient in our motor magnets."
Automakers are looking to reduce their reliance on foreign supplies of these critical materials, and both President Joe Biden and former President Donald Trump have called for the U.S. to bolster its own supply chains for rare earth materials, TechCrunch reported,