MP Materials opens rare earth magnet factory in Texas

MP Materials has opened its Independence factory in Fort Worth, Texas, producing NdFeB magnets for EV motors. GM sources the magnets under an offtake deal to cut reliance on China, which controls 49% of global rare earth supply.

• Independence factory in Fort Worth makes automotive-grade NdFeB magnets
• GM buys magnets under an offtake agreement with MP Materials
• A GM rotor holds 192 neodymium magnets; a smaller one uses 128
• China accounts for 49% of global rare earth supply, per IEA