- In December 2023, E-Vac Magnetics, a US subsidiary of Germany's VAC Group, announced plans to establish a rare earth magnet manufacturing facility in Sumter, South Carolina. Set to open in late 2025, the plant will focus on producing high-performance neodymium iron boron magnet for defense applications and electric vehicles. This initiative is expected to strengthen the domestic rare earth magnet supply chain, reducing reliance on foreign imports. The increased local production capacity will enhance market stability, support EV expansion, and boost technological advancements in critical sectors
- In August 2023, ZHAOBAO MAGNET announced to expand its neodymium iron boron magnet production capacity to 8,000 tons by 2024 with the establishment of a new manufacturing facility. With the new facility, the company anticipated higher customer engagement, stronger business relationships, and a broader market influence, further driving growth in sectors such as electric vehicles, renewable energy, and advanced electronics
