LONDON (ICIS)–BASF is moving to “de-risk” its exposure to the electric vehicles sector in response to slowing market dynamics, CEO Markus Kamieth said on Friday, pausing or deciding against several investments connected to the industry.
Take-up of electric vehicles has slowed in most markets other than China, Kamieth said, prompting the company to shift strategy, with new capacities added only where BASF has obtained long-term offtake agreements.
“We are confident that the trend toward electric vehicles will continue and that battery materials remain a significant growth opportunity for the chemical industry,” Kamieth said, speaking at a press conference at BASF’s Ludgwigshafen, Germany, headquarters.
Published by: www.icis.com
Tom Brown
26-Jul-2024
