Ganfeng Lithium Group Co., Ltd. has signed a “Long-Term Supply Agreement” with Hyundai Motor Company.
As per the agreement, Ganfeng Lithium and its subsidiaries will provide Hyundai with lithium hydroxide products for electric vehicle (EV) battery production.
The annual supply quantities will be carried out following the terms of the agreement, and the actual purchase quantities and sales amounts will be determined based on the final purchase orders.
The pricing of the products will be established according to a specified pricing formula outlined in the agreement. The contract’s performance period is set from January 1, 2024, to December 31, 2027.
In a statement after signing the agreement with Hyundai, Ganfeng Lithium said that this collaboration reflects a mutually beneficial partnership between the two parties, considering the current state of the lithium market.
By entering this long-term supply agreement, Ganfeng Lithium not only fulfills Hyundai’s important lithium demand but also strengthens the company’s profitability and contributes to its long-term development.
