Blow to UK battery industry hopes as Johnson Matthey halts research
Britain’s hopes to grab a slice of the fast-growing market for electric vehicle batteries have been dealt a blow after one of the UK’s biggest chemicals companies said it would give up on developing the technology.
Johnson Matthey, a member of the FTSE 100, announced plans on Thursday to exit the battery materials business because it is too far behind rivals who are already making batteries at gigantic scale.
The shares plunged 17% on Thursday to their lowest level since December, wiping more than £900m off the company’s market value as it also announced that the chief executive would step aside.
To add to its difficulties, supply chain shortages hitting the automotive industry mean that profits will be at the lower end of expectations.
Johnso
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