GKN Powder Metallurgy (GKN PM) announced its commitment to enter the permanent magnets  for electric vehicle (EV) market in response to the supply challenges the industry is facing. The company says it is well positioned to meet the ever-increasing demand for a stable, local supply of permanent magnets, which are a vital component of EV motors. Using its industry expertise, existing production processes and manufacturing capabilities in North America and Europe, GKN PM will bring stability in the manufacturing of permanent magnets. Significant progress in product development has already been made, and the business is now entering the phase of industrialization planning. A dedicated Magnets project team operates out of the company’s Innovation Centres for metal powders in Cinnaminson, N.J., and for sinter-metal manufacturing in Radevormwald, Germany.

Diego Laurent, GKN PM CEO, said, “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. We aim to have in place the capacity for up to 4,000 metric tons of permanent magnets by 2024.”