Reports say General Motors (GM.US) Cancels Long-Term U.S. Rare Earth Permanent Magnet Supply Agreement; Supplier Initiates Arbitration

Zhitong Finance APP has learned, according to regulatory filings and people familiar with the matter, that General Motors (GM.US) has canceled a long-term supply agreement with a U.S. rare earth permanent magnet manufacturer, and the two parties are currently in arbitration. The manufacturer produces permanent magnets for electric vehicles, and General Motors is the largest customer of its factory.