Gestamp which focuses on creating, constructing, and producing engineered metal components for the automotive industry, recently disclosed that it was continuing to work on its Environmental, Social, and Governance (ESG) strategy in order to advance decarbonization and fortify its position in advance of the circular economy opportunity in the industry.
The company continued with its plan to increase the supply of renewable energy in all of its plants, according to a communication from the company. Gestamp has entered into an agreement with Cemig, a major player in the Brazilian electric power industry so that all of its production and R&D facilities there will run entirely on renewable energy after its implementation in Spain and Portugal in 2022.
Transition To EVs
Given the promising future of the industry, the company said it is still working with its customers to promote the switch to electric vehicles. According to IHS as of December 2022, 16.4 million electric vehicles are anticipated to be produced in 2023, representing a market share of roughly 19%.
The company plans to invest between €200 million and €250 million in three regions—North America, Europe, and Asia—in strategic projects for electric vehicles during this fiscal year. Gestamp hopes to solidify its position as a pioneer in the switch to electric vehicles with this investment.
