[1/2] The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. Today, roughly 90% of the rare-earth magnet supply is dependent upon China." "There's a lot of manufacturing steps and a lack of price transparency in this industry with rare earths, given the concentration of supplies in China," Niron Senior Director Tom Grainger said. The deal comes despite GM's 2021 agreement to buy rare-earth magnets from MP Materials (MP.N). MP has struggled to refine its own rare earths in California, but has been building a magnet facility in Texas.

---

Persons: Rebecca Cook, Jonathan Rowntree, Anirvan Coomer, Adam Bazih, Niron, Tom Grainger, Nathan Gomes, Ernest Scheyder, Ben Klayman, Matthew Lewis Organizations: General Motors, REUTERS, GM, Stellantis Ventures, Materials, Thomson Locations: Detroit , Michigan, U.S, China, Minneapolis, California, Texas, Bengaluru, New York