Panasonic turns to Japan as European, U.S. EV demand slows

Japanese conglomerate racks up record profit, thanks to subsidies in America

Panasonic's booth at an exhibition of air conditioning systems in Beijing last month. The diversified company's EV battery business is facing slowing growth in Europe and the U.S. as drivers balk at the high prices of electric cars. (Photo by Shunsuke Tabeta)

RYOHTAROH SATOH, Nikkei staff writer

May 9, 2024 18:33 JST

Updated on May 9, 2024 21:44 JST

TOKYO -- Panasonic Holdings said on Thursday that it now views Japan as a new "strategic market" for its electric vehicle battery business, in addition to the U.S. where the conglomerate is a key supplier to Tesla.

"We will continue to do our best in the U.S. ... but additionally, Japan will become a strategic market for automobile batteries," Hirokazu Umeda, chief financial officer of the group, said at a news briefing.