SQM Announces Long-Term Lithium Supply Agreement with Ford Motor Company

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Sociedad Quimica y Minera de Chile, S.A. (SQM)

May 22, 2023, 10:10 ET

SANTIAGO, Chile, May 22, 2023 /PRNewswire/ -- Sociedad Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) and Ford Motor Company have announced a long-term strategic agreement to secure the supply of high-quality lithium products for production of electric vehicles.

The agreement between Ford and SQM will ensure the supply of battery-grade lithium carbonate and lithium hydroxide, essential components to manufacture high-performance electric vehicle batteries. The origin of SQM's lithium should help Ford vehicles to qualify for the Inflation Reduction Act (IRA) consumer tax credit and will help support its plans to produce electric vehicles and expand its presence in the global electric mobility markets.

Carlos Díaz, Executive Vice President Lithium of SQM, said: "We are pleased to announce this strategic agreement and value Ford's trust in SQM's ability to deliver battery-grade lithium products sustainably produced in Chile. As one of the largest lithium producers in the world, for over 25 years, SQM has been investing in the technology and development of its own processes to produce high value-added lithium products with one of the lowest environmental footprints in the industry. This alliance will allow both companies to contribute further to the decarbonization of the planet on a global scale."

Added Lisa Drake, Ford's vice president, EV Industrialization, Model e: "Working with strong global collaborators such as SQM will help us make real progress on making EVs more accessible for our customers down the road. SQM has established well-run operations, a commitment to sustainability, and a proven track record for scaling capacity. Working together helps Ford strengthen our plans to help secure the lithium we need and to de-risk our production plans for millions of EVs over time."

About SQM

SQM is a global company that is listed on the New York Stock Exchange and the Santiago Stock Exchange (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A). SQM develops and produces diverse products for several industries essential for human progress, such as health, nutrition, renewable energy and technology through innovation and technological development. We aim to maintain our leading world position in the lithium, potassium nitrate, iodine and thermo-solar salts markets.

For further information, contact:

Gerardo Illanes 56-2-24252022 / [email protected]
Irina Axenova 56-2-24252280 / [email protected]
Isabel Bendeck 56-2-24252074 / [email protected]

For media inquiries, contact:

Maria Ignacia Lopez / [email protected]
Pablo Pisani / [email protected]

About Ford Motor Company:

Ford Motor Company (NYSE: F) is a global company based in Dearborn, Michigan, committed to helping build a better world, where every person is free to move and pursue their dreams. The company's Ford+ plan for growth and value creation combines existing strengths, new capabilities and always-on relationships with customers to enrich experiences for customers and deepen their loyalty. Ford develops and delivers innovative, must-have Ford trucks, sport utility vehicles, commercial vans and cars and Lincoln luxury vehicles, along with connected services. The company does that through three customer-centered business segments: Ford Blue, engineering iconic gas-powered and hybrid vehicles; Ford Model e, inventing breakthrough EVs along with embedded software that defines exceptional digital experiences for all customers; and Ford Pro, helping commercial customers transform and expand their businesses with vehicles and services tailored to their needs. Additionally, Ford is pursuing mobility solutions through Ford Next, and provides financial services through Ford Motor Credit Company. Ford employs about 174,000 people worldwide. More information about the company and its products and services is available at corporate.ford.com.

Media Contact:

Jennifer Flake / [email protected]

SOURCE Sociedad Quimica y Minera de Chile, S.A. (SQM)