Hyundai Motor Company and Ganfeng Lithium Group Co., Ltd. have inked a “Long-Term Supply Agreement.”
Lithium Hydroxide Products
In accordance with the agreement, Hyundai will receive lithium hydroxide products from Ganfeng Lithium and its subsidiaries for the production of electric vehicle (EV) batteries.
The agreement’s provisions will be followed in order to determine the annual supply quantities, and the final purchase orders will serve as the basis for determining the actual purchase quantities and sales amounts.
Pricing Formula
A precise pricing formula detailed in the agreement will be used to determine the products’ prices. The performance period of the contract is scheduled to run from January 1, 2024, to December 31, 2027.
Following the agreement’s signing with Hyundai, Ganfeng Lithium released a statement stating that, given the status of the lithium market at the time, the partnership represents mutual benefits for both parties.
In addition to meeting Hyundai’s significant lithium demand, Ganfeng Lithium’s entry into this long-term supply agreement boosts the business’s profitability and advances its long-term growth.
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