Thyssenkrupp Sees Growing EV Lithium-Ion Battery Demand Driving €1 Billion In Factory Gear Orders Over Next Decade
The German engineering and steel firm Thyssenkrupp is expecting that a surge in demand for automotive lithium-ion batteries over the next decade may lead to factory-gear order increases of more than €1 billion (~$1.2 billion), going on recent statements made by company execs.
In other words, the German firm is expecting that rapid growth in the plug-in electric vehicle sector over the next 10 years or so, and thus growth in demand for automotive sector lithium-ion batteries and battery packs, will allow the firm to profit via the sale of the assembly line gear used in automotive battery production.
Thyssenkrupp, for those unfamiliar with it, is one of the top companies in the world as regards assembly line equipment for automated car battery production. The company actually now derives around a quarter of all group sales from the auto industry.
The company, as one would expect considering that it is itself based out of Germany, derives much of its business in this regard from German auto manufacturers and parts suppliers. With the shift towards plug-in electric vehicles in the German auto industry that’s now expected over the coming decade — if public statements from Volkswagen, BMW, and Daimler are to be believed — Thyssenkrupp obviously stands to benefit quite a deal.
Going on presentation slides published during the recent company capital market day, the company’s expectation is that lithium-ion batteries will “become the dominant electric vehicle propulsion technology.”
I suppose that’s a reference to earlier “possibilities” that hydrogen fuel cell tech would become the dominant electric vehicle propulsion technology? At any rate, it would seem that closed-door discussions between Thyssenkrupp execs and German auto industry execs have made it clear that electric vehicles are to be mass produced in the near future.
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