Panasonic to quadruple EV battery production capacity by FY 2028

Economy

The battery manufacturing unit of Panasonic Holdings Corp. said Wednesday it plans to quadruple its production of electric vehicle batteries by fiscal 2028 as it expects increasing demand from U.S. EV manufacturing giant Tesla Inc. Panasonic Energy Co. also said it is aiming for sales to hit 970 billion yen ($7.5 billion) by fiscal 2024, which ends in March 2025, up about 200 billion yen from fiscal 2021. Panasonic Holdings considers its battery production business as an area of growth. Panasonic Energy plans to revamp its plant in Wakayama Prefecture, western Japan, to begin mass producing it...

Kyodo News

Kyodo News