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Hyundai Motor signs lithium supply deal with Chinese firm

January 19, 2024

South Korea’s Hyundai Motor Co. 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 Co. 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 Co. 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 synthesized with nickel.

This file photo provided by Hyundai Motor Co. shows the carmaker's headquarters building in Yangjae, southern Seoul. (PHOTO NOT FOR SALE) (Yonhap)
This file photo provided by Hyundai Motor Co. shows the carmaker’s headquarters building in Yangjae, southern Seoul. (PHOTO NOT FOR SALE) (Yonhap)