General Motors has entered into a multi-year supply agreement with Noveon Magnetics for rare earth magnets used in components for its trucks and SUVs, as automakers work to reduce reliance on Chinese suppliers. Deliveries began in July.
China processes over 90% of the world’s rare earths and tightened export rules in April, adding pressure on Western manufacturers of EVs, military equipment, and electronics. Ford has also cited rare earth shortages as a production risk.
Noveon, based in the U.S., is the only operational domestic producer of sintered neodymium-iron-boron (NdFeB) magnets, considered the strongest commercially available permanent magnets. GM’s deal is part of a broader effort to secure materials critical for its EV strategy and supply chain resilience.
