June 12 Reuters Umicore lowered its guidance for 2024 on Wednesday, saying customers39; demand projections for battery materials had fallen steeply in recent weeks, becoming the latest supplier hit by the slowing electric vehicle market.

The Belgian metal recycling group now expects adjusted earnings before interest, taxes, depreciation, and amortisation EBITDA of 760 million to 800 million euros, down from 900 million to 950 million euros.

Our shortterm outlook in Battery Materials is clearly disappointing. At the same time, the electromobility trajectory is not and will not be linear, like in any other significant industry transformation, CEO Bart Sap said in a statement.

Umicore, which makes catalytic converters and battery materials for carmakers, is banking on its Europeanbased battery materials unit to offset the phasing out of internal combustion engines.

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Reporting by Nathan Vifflin; editing by Jacqueline Wong and Jason Neely

Source Reuters