Hyundai Sings Long Term EV Battery Deal with Chinese Firm

• Ganfeng Lithium will supply lithium hydroxide to Hyundai Motor for EV batteries.
• The agreement duration is 4 years, starting January 1, 2024.
• Benefits for Ganfeng include secure markets and boosting profits.

Ganfeng Lithium Group Co., Ltd. and Hyundai Motor Company have entered into a “Long-Term Supply Agreement.”

Under the agreement, Ganfeng Lithium and its subsidiaries will supply Hyundai with lithium hydroxide products for the production of electric vehicle (EV) batteries.

The yearly supply quantities will be in accordance with the agreement terms, and the actual purchase quantities and sales amounts will be determined based on the final purchase orders.

Product pricing will be determined based on a specified formula outlined in the agreement. The contract is valid from January 1, 2024, to December 31, 2027.

Following the agreement with Hyundai, Ganfeng Lithium stated that the collaboration signifies a mutually advantageous partnership, taking into account the current condition of the lithium market.

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Through this long-term supply agreement, Ganfeng Lithium not only meets Hyundai’s crucial lithium demand but also enhances the company’s profitability and contributes to its long-term growth.