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Panasonic's battery manufacturing arm is reportedly set to supply Subaru with electric vehicle (EV) batteries, strengthening Panasonic's position in Japan's burgeoning EV sector. The partnership, intended to enhance Panasonic's customer network, coincides with an announcement about the company's first-quarter earnings.
With automotive batteries as a priority investment, Panasonic's group company plans to establish a new production facility in North America to expand its EV battery capacity. Panasonic recently agreed to provide Mazda Motor Corp with batteries for its EV models set to launch in the latter half of the 2020s.
As a prominent battery supplier for Tesla Inc, Panasonic Energy faces increasing competition from global rivals such as LG Corp and Contemporary Amperex Technology Co (CATL) from China. Notably, Panasonic's cylindrical lithium-ion batteries are gaining recognition for their remarkable fast-charging performance, aligning with the rising demand for EVs in the pursuit of reducing global carbon dioxide emissions.
Panasonic aims to bolster its global market share as Chinese and South Korean competitors strengthen their presence. While no source was provided, there is a possibility that Subaru may adopt 4680 batteries, the latest cells championed by Tesla's CEO, Elon Musk. Panasonic's energy unit is exploring plans to ramp up production for these advanced batteries.
Panasonic and Subaru are set to disclose their first-quarter earnings results, with Panasonic reporting on Monday and Subaru on Wednesday. While Panasonic is evaluating various growth strategies for its automotive business, Subaru, which heavily relies on the North American market, refrained from offering any comments.
Additionally, it is worth mentioning that Panasonic's energy unit and Mazda Motor announced in June their intentions to initiate discussions for establishing a battery supply partnership targeting EVs. Subaru has its sights set on achieving global sales of 200,000 battery-powered vehicles per year by around 2026 to tap into the expanding EV market.
Photo: Ryunosuke Kikuno/Unsplash
