Apple Announces $500 Million Commitment to Buying American Magnets
Apple today announced a $500 million multi-year commitment to buying American-made rare earth magnets developed by MP Materials, at a state-of-the-art factory in Fort Worth, Texas. Apple said the commitment is part of its overall pledge to spend more than $500 billion in the U.S. within the next four years, which it announced in February.
Apple and MP Materials will build out the Texas factory with a series of neodymium magnet manufacturing lines specifically designed for Apple products, the company said. Today, nearly all magnets across Apple devices are made with 100% recycled rare earth elements, including in the Taptic Engine in the iPhone 11 and newer.
The two companies will also work together to build a rare earth recycling line in Mountain Pass, California, according to the announcement.
"American innovation drives everything we do at Apple, and we're proud to deepen our investment in the U.S. economy," said Apple CEO Tim Cook, in a statement. "Rare earth materials are essential for making advanced technology, and this partnership will help strengthen the supply of these vital materials here in the United States."
Apple said its commitment will support dozens of new U.S. jobs in manufacturing and R&D.
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