Panasonic in talks to sell auto parts arm to focus on EV battle

Japanese company aims to secure deal with Apollo Global of the U.S. by March

Panasonic is a maker for display control systems for automobiles. (Photo courtesy of Panasonic)

RYOHTAROH SATOH, Nikkei staff writer

November 17, 2023 17:31 JST

TOKYO -- Panasonic Holdings is in talks to sell an auto parts subsidiary to a U.S. asset management company, as the Japanese manufacturer looks to focus on the electric vehicle market.

Panasonic said on Friday that it has entered into talks to sell a stake in Panasonic Automotive Systems, a subsidiary that makes display systems and onboard EV charging parts for cars, to funds related to Apollo Global Management.