# MP Materials begins construction on Texas rare earth magnetics factory

MP Materials began construction on a rare earth magnetics factory in Texas, part of a $700 million investment to restore the U.S. rare earth magnetics supply chain. The facility will create about 150 skilled jobs and supply magnets for GM's EV programs starting in late 2023.

- Type: New facility
- Announced: 2019-03-06
- Where: Texas, United States
- Value: $700.0M
- Jobs: 150
- Starts operating: Q4 2023
- Status: under construction
- Capacity: magnets powering approximately 500,000 EV motors per year
- Products: rare earth alloy and magnets
- Sectors: [Automotive Components](https://endata.com/sectors/automotive-components.md), [Specialty Chemicals](https://endata.com/sectors/specialty-chemicals.md)

## Companies

- [MP Materials](https://endata.com/companies/37829.md)
- [General Motors](https://endata.com/companies/4654.md) (customer)

## Sources

- [markets.bostonherald.com](http://markets.bostonherald.com/bostonherald/article/bizwire-2022-4-21-mp-materials-begins-construction-on-texas-rare-earth-magnetics-factory-to-restore-full-us-supply-chain), 2019-03-06: "MP Materials and General Motors simultaneously announce a definitive supply agreement commencing in late 2023 to produce rare earth alloy and magnets for GM's EV programs."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.