GKN Powder Metallurgy, a major global provider of powder metal solutions, has committed to enter the production of permanent magnets for the electric vehicle market, aiming to boost supply of permanent magnets for the automotive industry by 4,000 tons per year.
The company is perfectly positioned to meet the ever-increasing demand for a stable, local supply of permanent magnets which are a vital component of EV motors, it says. An experienced supplier to automotive OEMs and Tier 1 suppliers, it has witnessed first-hand the supply-chain challenges arising from the exponential growth of the EV market, say officials. Existing production processes and manufacturing capabilities in both North America and Europe will be applied to the effort.
“The key driver behind this strategic decision is our understanding of the challenges facing the automotive industry today and tomorrow,” commented Diego Laurent, CEO. “The stability in manufacturing is an ongoing concern, but with our expertise, scale, and reputation, we can provide a robust solution.
“As a trusted provider of metal powders and components for the industry, we already have a scalable production footprint. We will leverage our well-established processes and capabilities to align these with the requirements of permanent magnet production. Automakers are looking for a reliable, local supply. We aim to have in place the capacity for up to 4,000 tonnes of permanent magnets by 2024, which will see us become a key player in driving the future of the electric mobility market.”
Significant progress in product development has been made and the business is now entering the phase of industrialization planning. A dedicated magnets project team, bringing together multidisciplinary experts, operates out of the company’s innovation centers for metal powders in Cinnaminson, New Jersey in the USA and for sinter metal manufacturing in Radevormwald, Germany. For more info, see www.gknpm.com/magnets.