GM Cancels Long-Term Rare-Earth Magnet Supply Deal, Documents Say
General Motors cancelled its long-term supply deal with a U.S. rare-earth magnet manufacturer, and the two sides are in arbitration, according to regulatory documents and a person with knowledge of the situation.
General Motors, the largest customer of a U.S. factory producing rare-earth magnets for electric vehicles, terminated its long-term supply agreement with the manufacturer. The two parties are in arbitration, according to regulatory documents and a person familiar with the matter.