SQM is the latest lithium chemicals producer to announce an expansion. It is forming a joint venture with Lithium Americas to develop the latter’s Caucharí-Olaroz project in Argentina. SQM, a Chilean firm that calls itself the world’s largest lithium chemicals maker, is investing $25 million in the joint venture, which envisions building a plant with the capacity for 40,000 metric tons per year of lithium carbonate equivalents. SQM puts the global lithium chemicals market at 150,000 metric tons and expects it to grow by 10% this year thanks to expanding demand from the battery market. Competitor Albemarle, which predicts 20–30% annual growth in batteries for electric vehicles, earlier announced lithium chemicals projects in Chile and either the U.S. or Asia. The South Korean firm Posco is also building a lithium plant in Argentina.