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Valeo's commitment to expanding its product portfolio and improving sustainable economy initiatives position it as a one-stop green shop for customers.
SAN ANTONIO, Jan. 25, 2024 /PRNewswire/ -- Recently, Frost & Sullivan researched the circular economy and sustainability initiatives for the mobility industry and, based on its findings, recognizes Valeo with the 2023 European Competitive Strategy Leadership Award.
The company is accelerating the expansion of reman products by launching the first Remanufactured automotive windshield-mounted video camera with Stellantis. In 2022, Valeo established the Circular Electronics Lab in Nevers, focusing on a unique Reman approach for rapid, high-quality product development, testing, and delivery. Collaborating with Stellantis, Valeo successfully launched a remanufactured video camera within a year, saving up to 99% of natural resources compared to new ones. This camera, the first of its kind from Valeo, offers the same 2-year warranty and performance as new parts. A skilled workforce with the necessary expertise is crucial for accelerating the circular economy and expanding remanufacturing to bring more sustainable products on the market. For this reason, Valeo is investing in employee development and upskilling.
Valeo has been in the auto parts remanufacturing business for over 40 years and has a strong reputation. Its remanufacturing process involves reusing in average 80% of end-of-life components that it restores to their original brand-new quality. This contributes immensely to the circular economy. As a testament to its success, Valeo currently remanufactures one million products annually and aims to double this capacity by 2030. This scale-up will include expanding its existing portfolio and remanufacturing production locations; increasing the remanufacturing of electronic components and next-gen remanufactured products, and expanding its remanufacturing portfolio beyond cars, starting with eBike motors.
The company is also part of the collaborative Magnolia program in France that brings together key value chain stakeholders in the high-performance permanent magnet sector, such as parts manufacturers (like Valeo), old part or core collectors, and parts recyclers. The program aims to create an industrial base in France for manufacturing permanent sintered neodymium iron boron (NdFeB) magnets from independent material sources. Valeo engineers products with a robust design for longer life that can be repaired or remanufactured after their end-of-life.
Avijit Ghosh, director of consulting at Frost & Sullivan, observed, "Valeo is one of the first to recognize the urgency of offering sustainable circular economy initiatives in the mobility space, and its remanufacturing production scale is within the global top three. The company leads the industry based on its strategy's four fundamental tenets, the 4Rs – robust design, remanufacturing, repair, and recycle."
"Valeo's commitment to ensuring circularity and sustainability within the mobility industry is unmatched. The company's 4R (Robust Design, Repair, Remanufacturing, Recycle(d) strategy, the "I Care 4 the Planet" initiative to optimize resources consumption and reduce CO2 emissions, participation in the Magnolia program, and remanufacturing of electronic components as part of its long-term strategy demonstrates Valeo's commitment towards executing such initiatives," added Ghosh. With its strong overall performance, Valeo earns Frost & Sullivan's 2023 European Competitive Strategy Leadership Award for executing circular economy and sustainability initiatives in the mobility industry.
Each year, Frost & Sullivan presents this award to the company that has leveraged competitive intelligence to successfully execute a strategy that results in stronger market share, competitive brand positioning, and customer satisfaction.
Frost & Sullivan Best Practices awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.
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Tammy Chan
E: tammy.chan@frost.com
