MP Materials is producing prototype NdFeB magnets for General Motors at its Texas facility, with commercial deliveries scheduled for Q4 2026. The company has secured a contract to deliver approximately 1,000 tonnes of magnets per year for Ultium Platform EV motors. Mountain Pass in California produced 840 tonnes of NdPr oxide in Q2 2026, a 41% year-on-year increase. China controls an estimated 60-70% of global rare earth mining and roughly 90% of processing capacity. A second magnet factory is under construction in Texas with Pentagon backing and expected to come online by 2028.
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