Texas-based Noveon Magnetics said on Wednesday that it has entered into a multi-year supply agreement with automaker General Motors (GM) to deliver rare earth magnets. The company said that it began delivering magnets to support GM's full-size SUVs and trucks in July.

In an effort to secure the availability of rare earth minerals from domestic sources, General Motors signed a multi-year agreement with Texas-based Noveon Magnetics for rare earth magnets. GM (NYSE:GM) also sources magnets from California-based MP Materials,