Technology

Panasonic scraps timetable for EV battery growth as U.S. market slows

Tesla supplier had previously said it would triple revenue by fiscal 2030

20240606 Panasonic Energy

Panasonic has set aside its target of tripling its revenue from EV batteries by fiscal 2030 and will instead focus on profitability and market share. (Photo by Kosaku Mimura)

RYOHTAROH SATOH, Nikkei staff writer
June 6, 2024 18:42 JST

TOKYO -- Key Tesla supplier Panasonic Energy says it is no longer aiming to triple revenue and quadruple production capacity of EV batteries by fiscal 2030, amid slower demand in North America.

The Osaka-based company says it still aims to hit both those targets but no longer has a firm deadline for doing so.

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