The Latest Breaking News from MP Materials

In another move to make sure it has what it needs to electrify its lineup, General Motors Co. said Thursday it entered into a supply agreement with MP Materials Corp. for the alloy and magnets needed for EV programs.

Mp Materials Corp (NYSE:MP) has signed a definitive supply agreement with General Motor Co (NYSE:GM) to produce alloy and magnets for the automotive giant's EV programs. The financial terms were not disclosed. Under the long-term agreement, MP Materials will supply U.S.-sourced and manufactured rare earth materials, alloy, and finished magnets for the electric motors. MP Materials' Texas…

Automakers are scrambling as lithium battery and rare earth shortages may wreck the great EV race. There's no quick fix.

Someone with a lot of money to spend has taken a bullish stance on MP Materials (NYSE:MP). And retail traders should know. We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga.