GKN Powder Metallurgy, a provider of powder metal solutions, recently announced its commitment to enter the permanent magnets for the electric vehicle (EV) market, in response to the supply challenges the industry is facing.
GKN PM 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.
GKN PM possesses automotive experience, and as a trusted supply and innovation partner to automotive OEMs and Tier 1 suppliers has witnessed first-hand the supply-chain challenges arising from the exponential growth of the EV market. Using its industry expertise, existing production processes, and manufacturing capabilities in North America and Europe, GKN PM will bring much needed stability in the manufacturing of permanent magnets.
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, N.J.) and for sinter metal manufacturing (in Radevormwald, Germany).
“The key driver behind this strategic decision is our understanding of the challenges facing the automotive industry today and tomorrow. The stability in manufacturing is an ongoing concern, but with our expertise, scale, and reputation, we can provide a robust solution,” said Diego Laurent, CEO at GKN PM. “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 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.”
Underpinning the move into the permanent magnets for EV market is GKN PM’s business-wide commitment to sustainability. With ambitious environmental targets in place, including achieving net zero greenhouse gas emissions in all operations worldwide by 2050, the company is contributing to a more responsible and sustainable future for all.