David McMurtry’s firm Renishaw targets its R&D efforts at EV market

David McMurtry’s firm Renishaw targets its R&D efforts at EV market

In a recent disclosure, FTSE-listed precision engineering and measuring device manufacturer Renishaw has revealed that the R&D efforts of the company are being targeted at the electric vehicle (EV) market.

The disclosure came from Renishaw’s new CEO Will Lee this week, while he was speaking at the company’s headquarters.

Lee has taken over the charge as the new CEO of the €4bn Renishaw from Irish billionaire inventor David McMurtry, co-founder of the company. With Lee spearheading Renishaw, McMurtry is now the company’s Executive Chairman, and he oversees innovation and product strategy.

In disclosing that the EV market will comprise the new focus area of Renishaw, Lee underscored the fact that manufacturers of automobile parts and components comprise a large chunk of the company’s business. Despite the fact that Renishaw does not provide a breakdown of its sales by industrial sectors, Lee talked about how the company can potentially be affected because of the apparent plans of an increasing number of automakers to move away from petrol- and diesel-powered cars.

Drawing attention to the fact that new “opportunities and challenges” are being unfolded by the “pace of disruption that's taking place” in present times, Lee said: “We're looking at the opportunities it may give us - particularly related to electric motors - and refocusing our sales and R&D accordingly.”