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United States. GM and Germany's VAC announced plans for VAC to build a plant in the U.S., which will manufacture permanent magnets for the electric motors used in GMC HUMMER EV, Cadillac LYRIQ, Chevrolet Silverado EV and more than a dozen other models using GM's Ultium. The new plant would plan to use locally sourced raw materials.
Shilpan Amin, GM's Vice President of Global Purchasing and Supply Chain said, "We are building a resilient and sustainable electric vehicle manufacturing value chain in North America, from raw materials to components to drive GM's growth and support a massive market for electric vehicles."
"Our work with VAC is another bold step that will help us ensure we achieve our goal of leading the electric vehicle industry in North America in more than just sales."
Erik Eschen, CEO of VAC said: "We are delighted to join forces with GM on this journey towards an increasingly electrified world, leveraging sustainable clean energy solutions. As VAC's Permanent Magnet Division is the only industrial-scale producer of rare earth permanent magnets in the Western Hemisphere, VAC brings reliable scale and expertise to GM's supply chain. VAC's deep knowledge of magnetic materials and extensive experience in electric mobility technology, in partnership with GM, will enable a cleaner global future for our communities."
What is expected with the manufacture of magnets
The plant is expected to start production in 2024 and create hundreds of new jobs. The location of the installation will be announced at a later date. The finished magnets will be delivered to facilities building GM's Ultium EV motors for electric vehicles.
Magnets are the core of an EV motor. Inside the motors, an electric coil generates a magnetic field to push against strong magnets, creating the torque that drives a vehicle's wheels.
A GMC HUMMER EV powered by GM's Ultium platform can have up to three engines with up to 11,500 pound-feet of torque (15,590 Nm), all of which is available to the driver on demand. This allows the GMC HUMMER EV to accelerate from 0 to 60 mph in just three seconds.
GM has made a number of recent announcements around pursuing a North American-centric vertical integration strategy for its proprietary Ultium battery platform. By value, GM expects the majority of the Ultium platform to be sourced, processed or manufactured in North America by 2025.
