Electric vehicle demand fuels Umicore profit rise

July 31, 2017

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Strong demand for materials used in electric vehicles helped Belgian group Umicore to report first-half operating income (EBIT) above analysts’ estimates on Monday.

Umicore has positioned itself to take advantage of rising demand for electric vehicles, investing €460-million to expand by over six times its production of nickel manganese cobalt (NMC) cathode materials, which are sought after components of lithium-ion rechargeable car batteries.

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