MP Materials Begins Construction on Texas Rare Earth Magnetics Factory to Restore Full U.S. Supply Chain

MP Materials and General Motors simultaneously announce a definitive supply agreement commencing in late 2023 to produce rare earth alloy and magnets for GM’s EV programs The facility will create approximately 150 skilled jobs and approximately 1,300 indirect jobs MP Materials’ Texas magnetics facility will source materials from Mountain Pass, California, and produce magnets powering approximately 500,000 EV motors per year, with potential to scale The facility is a substantial component of a $700 million investment MP Materials will make to fully restore the U.S. rare earth magnetics supply chain over the next two years Integrated recycling and leading environmental capabilities will deliver world class sustainability to support the en