GKN Powder Metallurgy (GKN PM), a leading provider of powder metal solutions, has announced its commitment to enter ‘permanent magnets for the electric vehicle (EV) market’, saying it 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.

The company, which has extensive automotive experience and is a supply and innovation partner to automotive OEMs and Tier One suppliers, has witnessed first-hand the supply-chain challenges arising from the rapid growth of the EV market. The company says that using its industry expertise, existing production processes, and manufacturing capabilities in North America and Europe, it will bring much-needed stability to the manufacturing of permanent magnets.

Diego Laurent (pictured), GKN PM’s CEO, said: “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.

“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.

“Automotive manufacturers 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.”