By Will Feuer

Sociedad Química y Minera de Chile, or SQM, said it has reached a long-term strategic agreement to supply Ford Motor with lithium products for the American automaker's electric vehicles.

The Chilean chemical supplier and lithium producer said its lithium would help Ford EVs qualify for the Inflation Reduction Act consumer tax credit in the U.S.

"SQM has established well-run operations, a commitment to sustainability, and a proven track record for scaling capacity," said Lisa Drake, Ford's vice president of EV industrialization.

American depositary receipts tied to shares of SQM rose 1.3% in morning trading Monday.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

May 22, 2023 10:51 ET (14:51 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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