Asia Tech Wire (June 18) -- Chilean lithium miner SQM has reached a long-term supply agreement with South Korean automakers Hyundai Motor and Kia, the company said on Monday.

The company did not disclose further details of the agreement, saying only in a statement that "Hyundai and Kia have decided to secure a portion of its future lithium hydroxide supply from SQM."

Lithium is an important raw material for electric vehicle batteries, making it critical for automakers like Hyundai Motor and Kia to move to electrification.