Chile's SQM to supply lithium to Hyundai and Kia

HYUNDAI MOTOR GROUP

Chilean lithium producer SQM has agreed to supply lithium to Kia and Hyundai Motors to support their electric vehicle production efforts.

According to SQM, its Salar subsidiary will supply a portion of lithium hydroxide to the two South Korean automakers under a long-term agreement. The company did not disclose further details of the contract.

Kia and Hyundai did not immediately respond to requests for comment.

In the first quarter, SQM reported production of 43,500 metric tons of lithium and derivatives, a significant increase from the 32,300 metric tons produced in the same period last year. The company also revised its 2024 sales forecast to 200,000 metric tons, up from a previous estimate of 178,500-187,000 metric tons.