DRIVING AMERICAN INDUSTRY: GENERAL MOTORS & NOVEON MAGNETICS SIGN MULTI-YEAR AGREEMENT TO DELIVER AMERICAN-MADE RARE EARTH MAGNETS

Noveon Magnetics Delivering Sintered NdFeB Magnets to Support Iconic GM Internal Combustion Engine Vehicle Lines and Fortify Domestic Supply Chains

SAN MARCOS, Texas, Aug. 6, 2025 /PRNewswire/ -- Noveon Magnetics today announced a multi-year supply agreement with General Motors (NYSE: GM) to deliver rare earth magnets to support a wide range of GM vehicle components. Noveon started production immediately and magnet deliveries began in July 2025. The deal marks another major milestone to building a resilient domestic supply chain to support the future of American automotive manufacturing.

"We're proud to be delivering critical rare earth magnets in support of some of America's most iconic vehicles," said Scott Dunn, CEO of Noveon Magnetics. "This agreement is a testament to what American manufacturers like GM and Noveon can do to develop supply chains and partnerships right here in the U.S."

Under the agreement, Noveon is delivering rare earth magnets to support GM's full-size SUVs and trucks.

"Working with domestic manufacturers like Noveon allows us to increase the resiliency of our supply chain while supporting American jobs and strengthening our industry and economic security," said Jeff Morrison, General Motors global chief procurement officer. "Noveon's magnets will support our most popular vehicles and help continue to deliver a leading portfolio of choice for our customers."

Noveon is the only operational manufacturer of sintered NdFeB rare earth magnets in the United States, offering a fully domestic, vertically integrated solution for critical magnet supply. Its proprietary EcoFlux™ magnets enable greater resource efficiency, the beneficial use of recycled materials, and delivery of a superior high-performance product.

As demand accelerates across the automotive, defense, energy, and industrial sectors, Noveon continues to scale its capacity to build resilient supply chains.

About Noveon Magnetics
Noveon Magnetics is a high-performance rare earth magnet manufacturer in the United States. Noveon's product and process capability, EcoFlux™, supports a total magnet manufacturing capability which allows for (i) greater resource efficiency, (ii) beneficial use of recycled materials to directly support magnet manufacturing, and (iii) delivery of a superior high-performance finished product that meets the full range of commercial demand requirements. Noveon's magnets offer a secure supply chain solution and support a wide range of critical applications – electric vehicles, wind turbines, robots, motors, pumps, and an array of military systems – that are key to energy efficiency, electrification, and national security. More information is available at https://noveon.co/.

About General Motors
General Motors (NYSE:GM) is driving the future of transportation, leveraging advanced technology to build safer, smarter, and lower emission cars, trucks, and SUVs. GM's Buick, Cadillac, Chevrolet, and GMC brands offer a broad portfolio of innovative gasoline-powered vehicles and the industry's widest range of EVs, as we move to an all-electric future. Learn more at GM.com.

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SOURCE Noveon Magnetics