- (PLX AI) - Novozymes could see a steep drop in ethanol demand, which would hurt its Bioenergy business, if electric vehicles reach a significant percentage of car sales in the United States, analysts at Bank of America said in a report.
- • If electric cars reach 50% of new U.S. sales by 2030, ethanol demand in the country would fall by 20%, BofA predicted
- • The bank estimates the global ethanol market could shrink by a third by 2040, which would hit Novozymes annual sales by 6% over that time
- • BofA reiterates underperform on Novozymes, with price target DKK 370
- • Novozymes shares are down 1% today
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