GM Cancels Long-Term Rare-Earth Magnet Supply Deal
General Motors cancelled its long-term supply deal with a US 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 (NYSE: GM), the largest customer of a U.S. plant that produces rare-earth magnets for electric vehicles, has ended its long-term supply agreement with the manufacturer. The two parties are now in arbitration, according to regulatory filings and a person familiar with the matter.