Image Source: ReutersReuters reported that Nippon Steel & Sumitomo Metal Corp is preparing for an era of electric vehicles which require lighter materials by seeking advances in technology and possibly joining forces with makers of other materials. Mr Kosei Shindo president of Nippon Steel, Japan’s biggest steelmaker, told Reuters in an interview that “I think the auto industry is at a turning point in terms of technology. We need to advance our technology to meet this mega trend toward Evs, adding that its strategy to cope with automakers’ shift will be a key item in its new three-year business plan which will start in April.”
Mr Shindo said that “I don’t expect to see sudden switches to EVs in one or two years as automakers face issues to overcome such as electric infrastructure,” adding that steel will remain the mainstay material for vehicles as it offers the cheapest cost in relation to strength.
Mr Shindo said that “But we want to map out and begin our strategy in the next three years to cope with technological innovation in an auto industry.”
Mr Shindo said that “We have options to either become a department store of various materials on our own or to stay focused on steel adding that alliances with suppliers of competing materials would be an option. We’ll take steps to reflect demand from our customers and technological development in an auto industry.”
Tighter global emissions regulations are forcing automakers worldwide to shift to EVs, including all-battery EVs that will require capacity to deliver longer ranges. Reducing the weight of a vehicle will be critical. Batteries are an expensive but vital component, so a reduction in car weight will mean fewer batteries will be needed to power the vehicle, saving on costs.
Source : REUTERS
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