Standard Motor Products, Inc. Announces Release of its 2023 Corporate Sustainability Report

Rhea-AI Summary

Standard Motor Products (SMP) has released its 2023 Corporate Sustainability Report, emphasizing its commitment to sustainability and corporate responsibility. The report outlines initiatives, achievements, and future goals, including the development of powertrain-neutral safety and electrical products for electric and hybrid vehicles, enhanced employee training programs, and alignment with global sustainability standards. Additionally, SMP reported reductions in Scope 1 and Scope 2 greenhouse gas emissions, aiming for carbon neutrality by 2050.

Positive

• Development of powertrain-neutral safety and electrical products for electric and hybrid vehicles.
• Enhancement of employee training and development programs.
• Alignment with global sustainability standards and regulations.
• Reductions in Scope 1 and Scope 2 greenhouse gas emissions.
• Commitment to achieving carbon neutrality by 2050.

Negative

• The report lacks detailed financial or operational metrics that could directly impact stock performance.
• Ambitious long-term goals like carbon neutrality by 2050 could face future uncertainties and challenges.
• No immediate tangible benefits or impacts on revenue and profitability indicated in the report.

NEW YORK, May 15, 2024 /PRNewswire/ -- Standard Motor Products, Inc. (SMP) is pleased to announce its 2023 Corporate Sustainability Report that highlights SMP's commitment to being a good corporate citizen with a focus on increasing its sustainability profile. The report provides insight into SMP's initiatives, future goals, and achievements in relation to its business, employees, communities, and other stakeholders. 

Eric Sills, Chairman and CEO of SMP, stated, "On behalf of our entire SMP family, I am pleased to share with you our 2023 Sustainability Report. SMP continues to enhance our sustainability efforts, and we remain committed to our initiatives to ensure positive sustainability change within our organization and all the communities in which we operate."

Highlights of this report include:

• The development of additional powertrain-neutral safety and electrical products for the vehicles of today and tomorrow, including battery electric and hybrid electric vehicles
• Enhancement to its social programs including an additional focus on employee training and development initiatives
• Alignment of SMP's commitment to standardized sustainability reporting with global applicable laws and regulations
• Reductions in Scope 1 and Scope 2 greenhouse gas ("GHG") emissions working towards SMP's stated goal of achieving carbon neutrality by 2050

The 2023 Corporate Sustainability Report is now available at SMP 2023 Sustainability Report.

About SMP
With over 100 years in business, Standard Motor Products, Inc. is a leading independent manufacturer and distributor of premium replacement parts in the automotive aftermarket and a custom-engineered solutions provider to vehicle and equipment manufacturers in diverse non-aftermarket end markets. SMP sells its products primarily to retailers, warehouse distributors, original equipment manufacturers and original equipment service part operations in the United States, Canada, Europe, Asia, Mexico and other Latin America countries. For more information, download the SMP Parts App or visit SMPcorp.com.

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SOURCE Standard Motor Products, Inc.

FAQ

What new products has SMP developed according to the 2023 Sustainability Report?

SMP has developed powertrain-neutral safety and electrical products for electric and hybrid vehicles.

What employee initiatives are mentioned in SMP's 2023 Sustainability Report?

The report highlights enhancements to employee training and development programs.

What are SMP's climate goals mentioned in the 2023 Sustainability Report?

SMP aims to achieve carbon neutrality by 2050 and has reported reductions in Scope 1 and Scope 2 greenhouse gas emissions.

How does the 2023 Sustainability Report align with global standards?

The report aligns SMP's sustainability efforts with global laws and regulations.