Cemex passes 1,000 lower-carbon truck milestone

Rhea-AI Summary

Cemex (CX) unveiled the first fully electric ready-mix truck in the Middle East during COP28 in Dubai. The company now has over 1,000 heavy-duty trucks powered with lower-carbon fuels, part of its transition strategy to decarbonize its global fleet. Cemex aims to become a net-zero CO2 company by 2050. The company has reduced approximately 5% in CO2 emissions from its owned fleet and is committed to reducing third-party transport emissions by 30% by 2030. Cemex is actively collaborating with multiple original equipment manufacturers to advance net-zero transportation technologies.

• Cemex also unveiled the first fully electric ready-mix truck in the Middle East during COP28 in Dubai.

MONTERREY, Mexico--(BUSINESS WIRE)-- Cemex announced that it now has over 1,000 heavy-duty trucks powered with lower-carbon fuels as part of a comprehensive transition strategy seeking to decarbonize its global fleet. This initiative is part of the company’s flagship Future in Action program to become a net-zero CO₂ company by 2050.

Cemex unveiled a prototype of a fully electric mixer truck and expects to continue introducing and testing new technologies gradually. (Photo: Business Wire)

Cemex has made significant investments over the last two years in heavy-duty trucks powered by renewable diesel and natural gas. These efforts have resulted in a reduction of approximately 5% in CO₂ emissions from its owned fleet. This aligns with Cemex’s commitment to reduce third-party transport emissions by 30% by 2030, compared to the 2020 baseline.

“Our net-zero transition is supported by proven and readily available lower-carbon technologies that guarantee that we meet our short and medium-term decarbonization commitments,” said Fernando A. González, CEO of Cemex. “At the same time, we remain at the forefront of innovation and emerging transportation technologies so we can achieve our ultimate goal of becoming a net-zero CO₂ company by 2050.”

Earlier in 2023, Cemex announced that Volvo Trucks had supplied it with the world’s first fully electric and zero-emission heavy concrete mixer truck. Additionally, the company has completed several multi-country pilots using full electric ready-mix concrete trucks. Most recently, at COP28 in Dubai, Cemex unveiled a prototype of a fully electric mixer truck and expects to gradually continue introducing and testing new technologies.

Cemex is implementing a multi-pronged approach to reduce transport CO₂ emissions, combining immediate action to accelerate the use of readily available lower carbon fuels while actively collaborating with partners to discover, pilot, learn, and scale the long-term solutions needed to achieve net-zero, including hybrid and zero-emission vehicles.

Renewable diesel and natural gas have a carbon footprint that is approximately 70% and 25% lower than regular diesel, respectively. These are critical transitional technologies that will enable a reduction in carbon emissions in the short term as heavy-duty electric vehicles become viable at an industrial scale.

While fully electric heavy-duty trucks are not yet widely available on an industrial scale, Cemex is actively collaborating with multiple original equipment manufacturers to advance net-zero transportation technologies. The company expects to gradually continue introducing and testing new prototypes for zero-emission ready-mix concrete trucks to its fleet.

Cemex is a founding member of the First Movers Coalition (FMC), which brings together business leaders with global footprints to create market demand for zero-carbon solutions in this decade and jump-start the scaling of these emerging technologies. FMC members have committed to having 30% of their heavy-duty on-highway transport purchases be zero emissions by 2030.

About Cemex

Cemex is a global construction materials company that is building a better future through sustainable products and solutions. Cemex is committed to achieving carbon neutrality through relentless innovation and industry-leading research and development. Cemex is at the forefront of the circular economy in the construction value chain and is pioneering ways to increase the use of waste and residues as alternative raw materials and fuels in its operations with the help of new technologies. Cemex offers cement, ready-mix concrete, aggregates, and urbanization solutions in growing markets around the world, powered by a multinational workforce focused on providing a superior customer experience enabled by digital technologies. For more information, please visit: www.cemex.com

Except as the context otherwise may require, references in this press release to “Cemex,” ”we,” ”us,” ”our,” refer to Cemex, S.A.B. de C.V. (NYSE: CX) and its consolidated subsidiaries. This press release contains forward-looking statements within the meaning of the U.S. federal securities laws. Cemex intends these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These forward-looking statements reflect Cemex’s current expectations and projections about future events based on Cemex’s knowledge of present facts and circumstances and assumptions about future events, as well as Cemex’s current plans based on such facts and circumstances, unless otherwise indicated. These statements necessarily involve risks, uncertainties, and assumptions that could cause actual results to differ materially from Cemex’s expectations, including, among others, risks, uncertainties, and assumptions discussed in Cemex’s most recent annual report and detailed from time to time in CEMEX’s other filings with the U.S. Securities and Exchange Commission and the Mexican Stock Exchange (Bolsa Mexicana de Valores), which factors are incorporated herein by reference, which if materialized could ultimately lead to Cemex’s expectations, expected results, and/or the project and investment referred in this press release not producing the expected benefits and/or results. Forward-looking statements should not be considered guarantees of future performance, nor the results or developments are indicative of results or developments in subsequent periods. These factors may be revised or supplemented, and the information contained in this press release is subject to change without notice, but Cemex is not under, and expressly disclaims, any obligation to update or correct this press release or revise any forward-looking statement contained herein, whether as a result of new information, future events or otherwise, or to reflect the occurrence of anticipated or unanticipated events or circumstances. Any or all of Cemex’s forward-looking statements may turn out to be inaccurate. Accordingly, undue reliance on forward-looking statements should not be placed, as such forward-looking statements speak only as of the dates on which they are made. The content of this press release is for informational purposes only, and you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20231204697349/en/

Analyst and Investor Relations - Monterrey

Fabián Orta

+52 (81) 8888-4327

ir@cemex.com

Analyst and Investor Relations - New York

Scott Pollack

+1 (212) 317-6011

ir@cemex.com

Media Relations

Jorge Pérez

+52 (81) 8259-6666

jorgeluis.perez@cemex.com

Source: Cemex

FAQ

What is the name of the company that unveiled the first fully electric ready-mix truck in the Middle East?

Cemex (CX)

What is the ticker symbol for Cemex?

The ticker symbol for Cemex is CX.

How many heavy-duty trucks powered with lower-carbon fuels does Cemex have?

Cemex now has over 1,000 heavy-duty trucks powered with lower-carbon fuels.

What is Cemex's goal regarding CO2 emissions?

Cemex aims to become a net-zero CO2 company by 2050.

What is the commitment of Cemex related to reducing third-party transport emissions?

Cemex is committed to reducing third-party transport emissions by 30% by 2030.

What has Cemex reduced in CO2 emissions from its owned fleet?

Cemex has reduced approximately 5% in CO2 emissions from its owned fleet.

What is Cemex actively collaborating with multiple original equipment manufacturers for?

Cemex is actively collaborating to advance net-zero transportation technologies.