Powering electric cars of the future

Dhaka,  Tue,  25 July 2017
Published : 11 Jul 2017, 13:35:34
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Powering electric cars of the future

Powering electric cars of the future
An industrial transformation is under way. The world leading companies that for decades have made catalysts that cut harmful and toxic emissions in vehicle exhausts are switching focus. Their aim: to become significant players in powering the electric cars of the future, reports a global media Tuesday.

The big three groups in the area - Umicore of Belgium, UK-listed Johnson Matthey and German chemicals group BASF - are now preparing for the eventual decline of the traditional internal combustion engines they help to filter.

So far, Umicore is ahead in the race for market share. It already has a dominant position making battery materials for portable electronics, which has helped its shares more than double in price in the past 18 months.

But the other two groups are chasing hard, and they are keen to catch up in the hope of providing materials for the lithium-ion batteries vital for the electric car industry to properly take off.

Although sales for catalytic converters are holding up, markets are preparing for the demise of diesel engines and growth in electric cars, with platinum prices falling sharply in the past year. Platinum is a key component in catalytic converters.

Indeed, the electric car market appears to be close to a turning point, with projections pointing to a potential surge in sales in the next few years.

According to the International Energy Agency, there are 2 million electric cars on the road, making up only 0.2 per cent of total passenger light-duty vehicles in circulation. The IEA estimates the figure could reach 9 million-20 million by 2020 and 40 million-70 million by 2025.

-SZ-
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