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GM ends EV magnet deal with VAK
General Motors has canceled its contract to supply electric vehicle magnets to the German manufacturer Vacuumschmelze, leading to the initiation of legal arbitration proceedings between the two parties to seek compensation. The agreement targeted providing the German factory with an annual production of 2,000 tons of magnets, with plans for 90% of its output to be allocated to General Motors’ electric vehicles for a minimum of 10 years. This move comes amid challenges facing the American automotive industry in building local supply chains for rare earth elements, reducing reliance on China—which controls 90% of global production—and dealing with regulatory shifts and reduced production plans. The company suffered a loss of $6 billion earlier this year.
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