GM·GE Sign Memorandum of Understanding on Rare Earth Supply

Mary Barra, Chief Executive Officer (CEO) of General Motors (GM)
Photo by Reuters-Yonhap News

[Asia Economy Reporter Byunghee Park] General Motors (GM) and General Electric (GE) have signed a memorandum of understanding (MOU) on rare earth supply, according to major foreign media on the 6th (local time).

Once representing American manufacturing, GM and GE are expected to strengthen cooperation in the development of electric vehicles and eco-friendly energy equipment in the future.

GM signed an MOU with GE Renewable Energy, GE's eco-friendly energy business subsidiary, and the two companies are expected to cooperate not only in rare earths but also in the supply process of magnets, copper, and electrical steel sheets.

Initially, GM and GE discussed cooperation to establish a magnet supply chain, but during the discussions, they decided to expand cooperation to cover all materials related to electric vehicles.

GM's CEO Mary Barra announced at an investor event held at the GM Technical Center in Warren, Michigan, that the company aims to double its annual sales to $280 billion by 2030 and catch up with Tesla to become the number one company in the electric vehicle market.

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