GE GE Aerospace

By Dave Sebastian

General Motors Co. and General Electric Co.'s renewable-energy business said they have signed a memorandum of understanding to develop a supply chain of rare earth and other materials needed for electric vehicles and renewable power generation.

GM and GE Renewable Energy on Wednesday said they are looking at opportunities to improve supplies of heavy and light rare-earth materials and magnets, copper and electrical steel used for manufacturing electric vehicles and renewable-energy equipment.

The companies said they will initially focus on creating a North America- and Europe-based supply chain of magnet manufacturing that both companies, their suppliers and other co-sourcing partners will use down the road. The manufacturing of electric motors for automotive and renewable power generation involves metal alloys and finished magnets produced from rare-earth materials, they said.

The companies said they will also work to set up supply chains for additional materials, such as copper, that are used in automotive-traction motors and renewable power generation. They said they will evaluate potential cooperation to support the development of technologies and processes for automotice and renewable power generation applications.

GM and GE Renewable Energy said they will collaborate on public policy to seek policies that support the establishment of North American- and European-based supply chains for rare earth, copper and electrical steel materials.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

October 06, 2021 08:15 ET (12:15 GMT)

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