Hyundai Motor signs lithium supply deal with Chinese firm
Hyundai Motor's "IONIQ 5" electric vehicle Courtesy of Hyundai Motor
Korea's Hyundai Motor said Friday it has signed a deal to receive lithium, key material for electric vehicle batteries, from a Chinese supplier.
Under the contract, Ganfeng Lithium will supply battery-grade lithium hydroxide products to Hyundai for four years through Dec. 31, 2027, a company spokesperson said.
But the company did not provide the value of the contract and the volume of lithium to be delivered.
Last week, Hyundai also signed a four-year deal with Shenzhen Chengxin Lithium Group to obtain the EV battery material amid global supply chain uncertainties.
Lithium hydroxide is used in manufacturing high-capacity EV batteries as it is easily combined with nickel. (Yonhap)