3M CEO Says Company Set to Benefit from EV Trend

In an interview given to CNBC, 3M’s CEO, Inge Thulin said that the company is set to benefit from the electric car revolution. He said that throughout the company’s history of 115 years, it has been involved in the automotive, electronic and energy and traffic safety industries and these elements will be just as important in the future. The company has considerable expertise and market share when it comes to traffic safety, especially in areas like vertical signage, license plates and pavement markings.

The CEO said that when it comes to electric cars, this is a market that will grow at a fast pace for 3M as it is a USD 6 billion market that is growing at a rate of 8 to 10 percent. 3M is seeking to grow its business at a rate of 15 to 20 percent by investing heavily in innovation. Currently, 30 per cent of the company’s sales comes from products that didn’t even exist five years ago. This puts it in a unique position to grow at an explosive pace during the era of electric vehicles.

Backed by 46 technology platforms, manufacturing capabilities, geographic penetration, brand equity and a team of 8,100 scientists, 3M’s goal is to create value for customers as it move ahead. The different aspects of 3M’s business has been reorganized based on these parameters and it has divested its stake in businesses which did not meet its performance criteria. At the same time, it has spent considerable funds on acquiring businesses which did meet its criteria for growth in terms of size, performance, profitability and their relevance in the market.