GM forms new partnerships for magnets, will build 2 new US factories

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General Motors announced Thursday two new partnerships with manufacturers of raw materials used in electric vehicles that it says will increase its cost efficiency, be environmentally sustainable and create jobs.

As part of those partnerships, GM said its new partners will each build a new factory in the United States — one in Fort Worth, Texas, and the other location yet to be announced, with production starting in 2023 and 2024.

It also means that the majority of GM’s Ultium platform, the battery system that will power its EVs, will be sourced, processed or manufactured in North America by 2025, said Shilpan Amin, GM vice president of Global Purchasing and Supply Chain.

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“We are building a resilient and sustainable EV manufacturing value chain in North America from raw materials to components to drive GM’s growth and support a mass market for EVs,” Amin said Thursday.