General Motors is taking another major step forward in creating a strong, sustainable and scalable supply chain for electric vehicles. GM and VAC of Germany announced plans for VAC to build a plant in the US that will manufacture permanent magnets for the electric motors used in the GMC HUMMER EV, Cadillac LYRIQ, Chevrolet Silverado EV and more than a dozen other models using GM’s Ultium Platform. The new plant would plan to use locally sourced raw materials.VAC is a leading global producer of advanced magnetic materials and the largest producer of permanent magnets in the Western Hemisphere with nearly 100 years of experience.The plant is expected to start production in 2024 and create hundreds of new jobs. The location of the facility will be announced at a later date. The finished magnets will be delivered to facilities building EV motors for GM’s Ultium-powered EVs.Magnets are at the heart of an EV motor. Within the motors, an electric coil generates a magnetic field to push against strong magnets, creating the torque that propels a vehicle’s wheels.