Hyundai Motor Company has entered into a four-year contract to receive lithium, a crucial material for electric vehicle batteries, from a Chinese supplier.
China’s lithium supplier, Shenzhen Chengxin Lithium Group, announced on Jan. 11 that it has signed a contract with Hyundai Motor to supply lithium hydroxide from this year until 2027.
This agreement is expected to provide Hyundai Motor with a stable, long-term supply of EV battery materials amid global supply chain uncertainties. However, the disclosure did not specify the volume of lithium to be traded or the price for the next four years.
A Hyundai Motor representative said, “Apart from the details disclosed by the supplier, we do not reveal further specifics of the supply contract. As lithium and nickel are essential raw materials for manufacturing electric vehicles, we plan to secure a certain level of supply through continuous discussions with domestic and international institutions.”