Johnson Matthey has decided to exit the battery materials business in a blow to Europe’s ambitions to build a homegrown supply chain for electric cars.
The UK company said that it had concluded the potential returns from the business would “not be adequate to justify further investment” due to intense competition.
The decision marks a setback to Europe’s attempt to build a homegrown battery supply chain to meet the demand of its largest carmakers such as Volkswagen and Mercedes-Benz who are spending billions to build electric cars.
Johnson Matthey had planned to build a factory in Poland . . .
