Panasonic invests heavily in batteries for electric cars

The Japanese company plans to invest 400 billion yen in “growth areas”, including battery cells for electric vehicles, and another 200 billion yen in “technology pillars” such as hydrogen energy. In the same period, at the end of the 2024 fiscal year, the company wants to achieve an operating profit of 1.5 trillion yen.

The company, with more than a century of history and previously at the forefront of global consumer electronics sales, is looking for new ways to grow. Chief Kazuhiro Cuga has previously been ridding problematic segments, such as plasma TVs, for nearly nine years.

Last April, Juki Kusumi took over the management of the company. He turned a lean, no-loss company into a holding company last year, and thanks to this structure, it will be easier for them to decide on investments in long-term growth, the Bloomberg agent wrote.

Last June, he said he would spend two years increasing the specialization of the remaining divisions. That is expected to increase efficiency, and therefore cash in on new activities, including mergers and acquisitions. One of them is the supply of batteries for electric cars.

In March, Japanese media reported that Panasonic was seeking land in the United States for a large factory to produce a new type of battery for Tesla’s electric cars. According to Bloomberg, the multi-billion dollar plant could start operating as early as 2024.

Georgie Burke

"Music maven. Evil pop culture lover. Unapologetic creator. Friend of animals everywhere."

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