Hyperdrive
Panasonic to Spend $5 Billion on EV Batteries, Software
- Targets 1.5 trillion yen operating profit through fiscal 2024
- Panasonic gives details on its medium to long-term strategy
Panasonic's 4680 battery
Photographer: Yuki Furukawa/BloombergThis article is for subscribers only.
Panasonic Holdings Corp. will invest 600 billion yen ($4.9 billion) in automotive batteries, supply chain software and other areas the company sees as core to its growth.
The Osaka-based manufacturer will invest 400 billion yen in growth segments including electric-vehicle cells, and another 200 billion yen in technology such as hydrogen devices over three years through fiscal 2024, according to a statement Friday. Panasonic is also targeting an accumulated operating profit of 1.5 trillion yen over the period.