Panasonic: $4.9 billion will be invested in EV batteries and supply chain software
Panasonic announced on Friday that it will spend 600 billion yen ($4.9 billion) on various investments over the next three years, the Nikkei Asian Review reported. Panasonic said that 400 billion yen will be invested in growth areas such as electric vehicle (EV) batteries, supply chain software, and air conditioners, and 200 billion yen will be invested in emerging technologies such as hydrogen energy and workplace digitization.
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According to a Panasonic press release, the cumulative profit target for the fiscal year 2022 through 2024 is 1.5 trillion yen ($12 billion). Panasonic plans to make 4680 batteries for Tesla and other potential automaker customers through a new U.S. plant that could start operations as soon as 2024, the report said.
“When you think about the urgency of climate change, it is absolutely necessary to develop EVs that will be safer and more cost-competitive than gasoline vehicles,” Panasonic CEO Yuki Kusumi said. “We will make investments to make a battery that is safer, less expensive and has more capacity.“
