GKN Powder Metallurgy has announced it will begin manufacturing permanent magnets specifically for the electric vehicle market, with significant investment planned to establish capacity for up to 4,000 tonnes per year by 2024.
As a leading manufacturer of metal powders and Powder Metallurgy parts, the company states it is uniquely positioned to leverage its extensive experience in supplying the automotive industry, its existing OEM partnerships, its established manufacturing processes, and its global production footprint.
GKN is said to be entering the market in response to associated supply challenges the industry is now facing, and believes it is well positioned to meet the increasing demand for a stable, local supply of permanent magnets, which are a vital component of EV motors.
Significant progress in product development has been made and the business is now entering the phase of industrialisation planning. A dedicated Magnets project team, bringing together multidisciplinary experts, operates out of the company’s Innovation Centres for metal powders in Cinnaminson, USA, and for Powder Metallurgy manufacturing in Radevormwald, Germany.
“The key driver behind this strategic decision is our understanding of the challenges facing the automotive industry today and tomorrow,” stated Diego Laurent, CEO at GKN PM. “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,” Laurent continued. “We will leverage our well-established processes and capabilities to align these with the requirements of permanent magnet production.”
According to the company, the move into the permanent magnets for the 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.
“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,” concluded Laurent.