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Panasonic accelerates EV battery push under $5bn investment plan

Capex priorities focus on production boost, development hubs

Panasonic CEO Yuki Kusumi said the group will be reevaluating its business portfolio moving forward.   © Reuters

OSAKA -- Panasonic Holdings plans a record 700 billion yen ($5.05 billion) in capital spending for the fiscal year ending March 2024, with more than half going toward increasing output of electric-vehicle batteries.

"We will help expand the EV market in North America," President and CEO Yuki Kusumi said while presenting the group's strategy Thursday. He framed EV batteries as a top priority for the company.

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