Hyundai-Kia signs lithium supply deal with Chilean company to secure in-house battery materials - South Korean media

Chilean chemical manufacturer Sociedad Quimica y Minera de Chile (SQM) announced on the 17th (local time) that it has signed a long-term lithium supply contract with Hyundai-Kia Motors.
QM said, "Hyundai and Kia will receive lithium hydroxide supplies in the future." The specific supply scale was not disclosed.
SQM is the world's second-largest lithium producer after the US chemical giant Albemarle.
The company owns mines in countries with which it has a free trade agreement (FTA) with Chile and other countries, and also meets the requirements of the Inflation Control Act (IRA).
Hyundai Motor Group is accelerating its efforts to secure minerals that are key materials for electric vehicle (EV) batteries by 2024.
To this end, the company has signed four-year contracts with China's Shengxin Energy Group and Ganfeng Lithium to purchase lithium hydroxide.
Regarding Hyundai Motor Group's direct procurement of key battery materials, the material industry has
In addition, the company is also looking to build a stable supply chain for battery materials by acquiring LG Energy Solution and SK Holdings.
The company is also working on setting up factories in joint ventures with Korean battery manufacturers such as On.