The electric car trend helped this company triple its profits

 It all comes from the skyrocketing demand for lithium to produce electric vehicle batteries.

Chile's SQM Group, the world's second largest lithium producer, on March 2 announced a three-fold increase in net profit in the fourth quarter of 2022 compared to a year earlier, surpassing estimates due to increased demand. high and the supply of this white metal is scarce.

The electric car trend helps this company triple its profits - 1

Increased electric vehicle production has pushed up demand for lithium mining (Photo: Skoda).

The scramble to mine lithium has sent prices for the material soaring in recent years as automakers have pushed to make electric vehicles to meet stricter environmental protection regulations.

As a result, SQM posted a net profit of $1.15 billion for the last three months of 2022, well ahead of analysts' average estimate of $1.14 billion. Accordingly, quarterly revenue also increased nearly 3 times, to 3.13 billion USD, surpassing the average estimate of 2.99 billion USD, bringing total net profit to 1.67 billion USD.

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