Automotive DECODED
Previous edition: 17 May 2024
Share article
Get the full version straight to your inbox.
Exclusive access to our best-in-class data & intelligence
Subscribe now
VW supplier replaces CEO
Umicore, the Belgium based major supplier to Volkswagen, reportedly had replaced its chief executive and would reassess spending plans for its battery materials business due to the industrywide slowdown in electric vehicle demand.
Bloomberg said Bart Sap, executive vice president of the supplier’s catalysis business, which makes key components for combustion engine vehicles, took over from Mathias Miedreich as CEO effective Thursday (17 May).
The report noted Miedreich had established a joint venture with VW which planned to invest EUR3bn (US$3.3bn) in new battery materials production starting next year.
An analyst said in a client note cited by Bloomberg the company had yet to deliver on any of its battery materials business objectives so the announcement “suggests a negative read-through” for operating results.
According to the report, Umicore cited slower demand growth for EV battery materials as the reason for initiating a review of the business. The company would share initial findings when it released first half results on 26 July.
Bloomberg said Miedreich, who previously worked for suppliers Forvia and Continental, also signed an agreement in 2022 for Umicore to supply EV battery materials to Automotive Cells Company, the joint venture between Stellantis and Mercedes-Benz Group.
Last October, Umicore cut roughly a quarter of its capital expenditure budget for the four years ending in 2026, paring its spending plan to EUR3.8bn from around EUR5bn, the report noted.
Latest news
Leapmotor readies for global expansion
Despite trade tensions surrounding Chinese vehicles, Stellantis and Leapmotor’s JV is preparing to go global – starting with Europe
Honda still big on EVs
Honda had not changed its belief EVs "are the most effective solution in the area of small mobility products such as motorcycles and automobiles", director, president and representative executive officer (global CEO) Toshihiro Mibe said at a business briefing.
Xpeng criticises planned US China car tariffs
Pushback from China highlights emerging trade tensions on automotive trade
ASEAN LV market continues to decline in Q1 2024
ASEAN light vehicle sales decreased by 11% year-on-year in Q1 2024, according to figures released by GlobalData
Nissan to transition to low-CO₂ emission aluminium by 2030
Nissan aims to achieve carbon neutrality in the entire lifecycle of its vehicles by 2050
Loss making Nio launches cheaper brand
Nio reportedly launched a more affordable electric car brand in China in a bid to gain a firmer foothold in the world’s most competitive market as Tesla momentum slipped.
Honda and IBM to co-develop SDV computing
Honda Motor announced it had this week signed a preliminary agreement with IBM Corporation to collaborate on the development of next generation computing technology which, it said, would be needed to “overcome challenges related to processing capability, power consumption and design complexity for the realisation of the software-defined vehicles (SDV) of the future”.
SK Signet to supply EV chargers to GVR
South Korea’s SK Signet announced it had entered into a strategic alliance with US based Gilbarco Veeder-Root (GVR) to supply electric vehicle (EV) fast charging equipment worldwide.
In our previous edition
Automotive Decoded
2024 future product report: Ford
16 May 2024
Automotive Decoded
VinFast pushing hard to grow global sales
15 May 2024
Automotive Decoded
Lightstate CEO: “We need to entice people into the new green world”
14 May 2024
Newsletters in other sectors
Aerospace, Defence & Security
Automotive
Travel and Tourism
Search companies, themes, reports, as well as actionable data & insights spanning 22 global industries
Access more premium companies when you subscribe to Explorer