Tesla supplier Panasonic plans to invest ¥600 billion ($4.8 billion USD) into electric vehicle (EV) batteries, supply chain software and other areas necessary for future development, according to Benzinga. The news is from Panasonic’s outline of its new medium and long-term growth strategy.
¥400 billion ($3.26 billion USD) of the investment is set to be dedicated to growth segments of its business, such as EV battery cells, while another ¥2 billion will be dedicated toward hydrogen device technology through fiscal year 2024.
During the period through 2024, Panasonic is shooting for an operational target of ¥1.5 trillion ($1.2 million USD).
The Japanese electronics manufacturer is also considering a U.S. site for its battery cells, many of which will be sold to Tesla.
Tesla Aims for 2 Millionth 4680 Battery Cell by March: Report https://t.co/DikIX4xQoS
— TeslaNorth.com (@RealTeslaNorth) March 4, 2022
Per a report last month, Panasonic is considering building a factory in either Oklahoma or Kansas, ahead of plans to start producing Tesla’s 4680 battery cells last month.
Panasonic also acquired supply chain software company Blue Yonder, which manufactures management tools and AI geared toward predicting product demand.
Despite its close relationship with Tesla, even having a battery cell line at Tesla’s Nevada factory, Panasonic said last year that it doesn’t plan to keep its relationship with Tesla exclusive — meaning that it’s happy to do supply deals with other automakers.
Panasonic has been building prototype 4680 batteries since early 2021, and it’s finally set to begin ramping up production of the next-generation cells.
