SQM, the biggest lithium producer after Albemarle Corp., is moving ahead with plans to more than double capacity in a bet that accelerating electric-vehicle demand will tighten a currently oversupplied market for the battery metal

SQM is looking past the current lithium supply glut that has pushed down prices. In what BMO Capital Markets calls a volume-over-price strategy, the company wants to grow its market share and capitalize on a recovery when demand growth outpaces supply of the key rechargeable battery ingredient as part of a global energy transformation

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