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.
Tesla’s current strategy is to ramp up their current products until they can match demand. THEN and only THEN do they intend to move into their next stuff, Cybers, Semis, Roadsters, $25K model etc. GM, VW, Stellantis all talk of 30-40 new models by 2025 etc. spreading themselves so thin they won’t be able to manage even one of those products properly. Panasonic might want to reconsider all investments in hydrogen similarly. Once we have the supply chains for the current proven tech (battery electric) chugging along nicely then maybe we can spend some resources on the “next big thing”. Personally I see so little practical use for hydrogen at this point that I can only see it being viable when we reach Tony Seba’s Super Power. Only when our energy sources are all renewable and sustainable and plentiful to the point of basically being free will it make sense to start into hydrogen.