# LS Eco Advanced Materials and Vacuumschmelze to form rare earth magnet JV

LS Eco Advanced Materials, a subsidiary of LS Cable & System, signed an MOU with Vacuumschmelze to establish a joint venture to produce neodymium permanent magnets for electric vehicles. The JV aims to supply 1,000 tons annually starting in 2027, enough for about 500,000 EVs.

- Type: Partnership
- Announced: 2024-02-14
- Status: announced
- Capacity: 1,000 tons per year
- Products: neodymium permanent magnets
- Sectors: [Automotive Components](https://endata.com/sectors/automotive-components.md)

## Companies

- [Vacuumschmelze](https://endata.com/companies/59594.md) (partner)
- [LS Eco Advanced Materials](https://endata.com/companies/75641.md) (partner)

## Sources

- [lscns.co.kr](https://www.lscns.co.kr/en/pr/news_view.asp?brd_id=news1&idx=117423&lang_cd=en&mode=MOD&pageNo=1&searchKey=1&searchValue=), 2024-02-14: "The two companies plan to establish a joint venture within the year and supply 1,000 tons of neodymium permanent magnets annually to automobile manufacturers starting in 2027."

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