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MarketScreener Homepage  >  Equities  >  Xetra  >  BASF SE    BAS   DE000BASF111

BASF SE

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Germany: Europe will extend industrial cooperation to hydrogen

11/24/2020 | 07:53am EST
FILE PHOTO: News conference on the government's economic autumn projection in Berlin

BERLIN (Reuters) - European countries are intensifying cooperation on battery cell production for electric cars, and will extend this cross-border approach into new industrial areas such as hydrogen technology, the German economy minister said on Tuesday.

"We want to support the creation of a complete value chain for battery cells in Europe, from the processing of raw materials to battery cell production to recycling," Peter Altmaier told an economic conference in Berlin.

The German government is supporting local production of battery cells with 3 billion euros ($3.6 billion) to reduce dependence on suppliers from Asia.

The EU has green-lit such state support as part of its Important Project of Common European Interest (IPCEI) scheme.

Altmaier said he was confident that European manufacturers would have a 30% market share by 2030 by manufacturing the most innovative and environmentally friendly battery cells.

Increased cooperation on battery cells should become a blueprint for other European industrial projects such as hydrogen technologies, Altmaier added.

European Commission Vice President Maros Sefcovic said Brussels was looking into suitable hydrogen projects and details were likely next year.

The German government has passed a 9-billion-euro hydrogen investment plan as part of a stimulus package to help its economy recover from the coronavirus shock and accelerate a shift towards green technology.

Altmaier also welcomed an announcement by Tesla CEO Elon Musk during the conference that his company plans to turn its new e-cars factory near Berlin into one of the world's largest battery production plants.

It will be the fourth Tesla Gigafactory - producing cars and batteries - and the first in Europe. The company plans to have the factory up and running by July 1, 2021 to start building its electric crossover, the Model Y.

Among companies benefiting from IPCEI state support are German battery maker Varta, BMW, chemical group BASF as well as Peugeot and its German Opel subsidiary.

The economy ministry expects the battery cell initiative to create more than 20,000 new jobs over the next 10 years. This is likely to offset losses caused by weaker demand for combustion engines.

(Reporting by Michael Nienaber, Editing by Douglas Busvine and Giles Elgood)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BASF SE 1.10% 65.24 Delayed Quote.-0.29%
BMW AG 2.66% 72.08 Delayed Quote.-2.80%
FIAT CHRYSLER AUTOMOBILES N.V. 1.96% 12.872 Delayed Quote.-13.89%
PEUGEOT SA -4.21% 21.85 End-of-day quote.-2.32%
TESLA, INC. 0.26% 883.09 Delayed Quote.24.82%
VARTA AG 3.17% 149.5 Delayed Quote.22.59%
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Financials
Sales 2020 58 472 M 71 098 M 71 098 M
Net income 2020 -1 407 M -1 711 M -1 711 M
Net Debt 2020 15 986 M 19 437 M 19 437 M
P/E ratio 2020 -42,5x
Yield 2020 4,63%
Capitalization 59 922 M 72 880 M 72 860 M
EV / Sales 2020 1,30x
EV / Sales 2021 1,23x
Nbr of Employees 117 922
Free-Float 100%
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Number of Analysts 26
Average target price 71,85 €
Last Close Price 65,24 €
Spread / Highest target 34,9%
Spread / Average Target 10,1%
Spread / Lowest Target -18,8%
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NameTitle
Martin Brudermüller Chairman-Executive Board & CTO
Kurt Wilhelm Bock Chairman-Supervisory Board
Hans-Ulrich Engel CFO & Vice Chairman-Executive Board
Franz Fehrenbach Independent Member-Supervisory Board
Denise Schellemans Independent Member-Supervisory Board
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