Panasonic to ramp up EV battery production in Japan

Output to more than double to supply potential customers like Mazda and Subaru

Following a drop in demand for electric batteries from some customers like Tesla, Panasonic could modify some production lines in Japan to make the more advanced batteries that carmakers are looking for. © Getty Images

RYOHTAROH SATOH, Nikkei staff writer

May 22, 2024 02:02 JST

TOKYO -- Panasonic Holdings is looking to more than double its domestic production of EV batteries to supply potential customers like Mazda and Subaru and improve the performance of its Japanese factory.

"We are estimating our target for 2030 based on our demand from [potential] customers," President and CEO Yuki Kusumi said in an interview with reporters on Tuesday. "Our challenge regarding the profit for the automobile battery business ... comes from a huge drop in demand for batteries used in specific models," he said.