# LS Eco Advanced Materials and Vacuumschmelze to form joint venture for EV magnets

LS Eco Advanced Materials, a subsidiary of LS Cable & System, signed an MOU with Germany's Vacuumschmelze to establish a joint venture to produce neodymium permanent magnets for electric vehicles. The JV aims to produce 1,000 tons annually starting from 2027.

- 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

- [LS Cable & System](https://endata.com/companies/21025.md) (partner)
- [Vacuumschmelze](https://endata.com/companies/59594.md) (partner)
- [LS Eco Advanced Materials](https://endata.com/companies/75641.md) (partner)

## Sources

- [businesskorea.co.kr](https://www.businesskorea.co.kr/news/articleView.html?idxno=211332), 2024-02-15: "The two companies plan to establish the joint venture corporation by the end of this year and aim to produce 1,000 tons of neodymium permanent magnets for electric vehicles annually starting from 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.