Riding the Electric Car Wave: Company Triples Profits Thanks to Industry Trend

 The company attributed the profit to record sales of lithium and derivatives, which SQM mainly exports to Asia. Part of the sales were due to manufacturers increasing purchases before China's electric vehicle subsidy policy ended.

SQM announced that lithium sales in the fourth quarter of 2022 increased 38% year-on-year to 43,000 tons, with a record high average selling price of 59,000 USD/ton. A year earlier, lithium cost just $14,600/ton.

SQM said the company plans to invest about $3.4 billion from 2023 to 2025, focusing on expanding lithium mining capacity in Chile. The roadmap includes an investment of 1.2 billion USD this year.

SQM said it expects to increase lithium mining capacity from a forecast 210,000 tonnes this year to 265,000 tonnes in 2025 when plants in southwest Australia and China's Sichuan come online.

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