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October 7, 2021

General Motors signs MoU with GE Renewable Energy for EV materials

Initial focus on creating a North America- and Europe-based supply chain of vertically integrated magnet manufacturing.

By Graeme Roberts

General Motors and GE Renewable Energy announced they had signed a non-binding memorandum of understanding (MoU) to evaluate opportunities to improve supplies of heavy and light rare earth materials and magnets, copper and electrical steel used for manufacturing of electric vehicles and renewable energy equipment.

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The initial focus of the collaboration will be on creating a North America- and Europe-based supply chain of vertically integrated magnet manufacturing that both companies will use in the future. Metal alloys and finished magnets produced from rare earth materials are critical components used in manufacturing electric motors for automotive and renewable power generation.

The companies will also work together to help establish new supply chains for additional materials, such as copper and eSteel, that are used in automotive traction motors and renewable power generation.

“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,” said Shilpan Amin, GM vice president for global purchasing and supply chain. “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. The combined scale of GM and GE will enable us to unlock the potential for securing low-carbon footprint, ESG-friendly, secure and cost competitive materials.”

GE Renewable Energy CTO Danielle Merfeld said, “We constantly innovate, both through our products like the Haliade-X, the most powerful offshore wind turbine built today, as well as by developing strategic collaborations that can help us accelerate the energy transition. Working with GM gives us another tool to obtain a reliable, sustainable, and competitive source of key materials going forward that will help us lower the cost of renewable energy and drive more electrification by making EVs a more viable option for consumers. We are also excited to partner with GM to explore opportunities to develop critical supply chains in the US and further reduce CO2 emissions.”

As a part of the agreement, GM and GE Renewable Energy will also evaluate potential cooperation to support the development of new technology and processes for both automotive and renewable power generation applications.

In addition, GM and GE Renewable Energy will look to collaboratively engage from a public policy perspective, together with other co-sourcing partners, to seek policies that are supportive of the establishment of secure, North American and European based supply chains for rare earth, copper and electrical steel materials needed to support electric vehicle and renewable power generation growth.

Free Report
img

What does the future hold for the US electric vehicles market?

The US Electric Vehicles (EV) market has established itself as one to watch. Despite China maintaining the number one spot, the US holds significant standing as one of the major EV markets, with GlobalData’s whitepaper identifying a strong growth trajectory within the forecast period. This report further analyzes the trends, market drivers, and government incentives set to influence and facilitate the market.   This report also looks beyond the US and touches on environmental concerns set to drive the EV market worldwide.   Want to find out more? This report demonstrates GlobalData Explorer’s sector analysis capabilities, showing how you can:  
  • Get historical and forecast market sizing data, with country specific insight for 22+ of the world’s largest industries
  • Track sector dealmaking activity, to view aggregate volumes, specific deals and top investors for all major deal types in M&A, Capital Raising, and Partnerships
  • Analyze news from GlobalData Explorer’s News Database – enable screening and alerts by industry, company, geography and news sentiment for filtered insight
  • Identify and track the key disruptive trends that are keeping the top digital thought leaders talking through social media analytics
  Consult this report now to find out how you and your company can benefit from our Explorer platform.
by GlobalData
Enter your details here to receive your free Report.

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