Neo wins $50M rare earth magnet supply contract for EV traction motors in Europe

Neo Performance Materials has been awarded a supply contract for permanent rare earth magnets with a European Tier 1 supplier of EV traction motors to a major OEM. The project is estimated at $50 million in cumulative revenues, with commercial delivery expected to begin in mid-2026.

“We welcome yet another commercial recognition from a new customer.”newswire.ca

• 1 source
• newswire.caNeo Wins Another Traction Motor Award with an Additional Tier 1 and OEM Customer in EuropeNeo Performance Materials, Inc.Jul 9, 2025

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