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BASF reviews battery chemical investment push amid EV dip

Reuters
·1-min read
A general view of the BASF chemical industry company in Schwarzheide

FRANKFURT (Reuters) - German chemicals giant BASF said it would review a major investment push to build a global manufacturing network for battery materials amid a downturn in the electric-vehicles segment, according to a news report.

"Future investments will be subject to a critical review and a new assessment," a company spokesperson was quoted as saying by weekly magazine WirtschaftsWoche on Thursday.

BASF has previously said that ambitions for a global supply network for cathode materials for electric-vehicle batteries was one of two major investment initiatives, the other being a new 10 billion-euro ($10.8 billion) chemical complex in China.

In December last year, BASF picked the battery chemicals unit alongside two other divisions to be given greater autonomy.

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A BASF partner, French miner Eramet, said last month the two companies had cancelled a $2.6 billion joint investment in a refining complex in Indonesia to make nickel and cobalt for batteries.

($1 = 0.9231 euros)

(Reporting by Ludwig Burger and Patricia Weiss, Editing by Rachel More)