Anticipating the growth of the electric vehicle market, British multinational giant Johnson Matthey has announced that it will be investing £200 million in 2018.“According to the company’s estimations, by the time the electric vehicle market penetration reaches around 10%, the potential market value of its products could be more than $30 billion,” Climate Action Programme reported.
Johnson Matthey strategy
The company recent held its Capital Markets Day, where it outlined its strategy for growth and value creation across all its sectors.
Dr. Alan Nelson, sector chief executive, new markets and group CTO, said that the company is working on three new market opportunities, - i.e. alternative powertrains, life science technologies, and medical device components, of which battery materials to support alternative powertrains offer the greatest opportunity, Climate Action Programme reported.
“The £200 million investment in high-energy battery materials will be enough to manufacture up to 10,000 metric tonnes from 2021 to 2022.
“The company will focus on a wide portfolio of cathode materials, which will be able to be used in a wide range of electric vehicle applications,” media reported.
[quote]Rober MacLeod, Chief Executive in Johnson Matthey said: "We will enhance our leadership in the high margin, technology driven growth markets we operate in through focused investment and efficiency throughout the group”.
“We are world class chemists. We have the expertise to solve our customers' complex and increasingly challenging problems by scaling up fundamental chemistry to provide commercial solutions which drive our growth”.
"This will create value and a cleaner and healthier world. Through the strategy, we aim to be one of the best performing, most trusted and admired specialty chemical companies in the world”.
Electric Vehicle drive
In Dubai, the Dubai Electricity and Water Authority (DEWA) in collaboration with Road and Transport Authority (RTA) announced a series of new incentives last week.
DEWA Chief Executive Saeed Al Tayer, who announced the new incentive scheme, foresees Electric Vehicles (EV) sales to increase by 2% by 2020 and 10% by 2030, Climate Action Programme reported.
Therefore, this means that the emirate aims to have 32,000 electric cars by 2020 and 42,000 by 2030. Read more...
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