Sandvik expects to convert a “breakthrough year” in 2022 for its fledgling battery-electric vehicle business into a material contribution to revenues, but not profits, this year, the company’s CEO said on its latest results call.
Stefan Widing told financial analysts and media BEV underground mining equipment was expected to account for 10-15% of load and haul machine sales in Sandvik’s major mining and rock solutions business in 2023, “compared to low single digits only the year before”.
“I would characterise 2022 as a breakthrough year in many ways, not only for the bigger orders we have started to announce [but also] we are starting to see repeat orders … Major customers that are demanding in their operations, who placed their first order maybe a year ago, and now they come back with repeat orders.
