While major steel producers are investing millions to increase electrical steel production capacity, the rapid growth of the hybrid and electric vehicle segment could cause material demand to outpace supply by 2024.
As the automotive industry battles the semiconductor shortages, which have prevented the production of 9.3 million units to date, the rapid expansion in growth of EV sales raises questions about the future availability of sufficient electrical steel needed to produce electric motors to meet the electrification targets set by regulators and OEMs around the globe.
