With VW running from diesel, Panasonic may get an electric boost
Volkswagen could help out Panasonic's battery production expansion.
Panasonic is planning to more than
double its annual revenue from the sale of automobile batteries within
three years. The Japan-based company is one of the battery makers
Volkswagen may team up with as Europe's biggest automaker tries to
distance itself from its diesel-emissions scandal
by plunging further into electric-vehicle production. Maybe one day
we'll look back and realize those Panasonic estimates were actually a
bit conservative.
Panasonic plans to generate almost $4 billion a year in sales of lithium-ion batteries and other related products by the year-ending 2019, Reuters
says, citing Panasonic executive Kenji Tamura. The company will be the
exclusive supplier of batteries for Tesla Motors' Model 3, which has
373,000 reservations on the books. Panasonic is investing $1.6 billion
in Tesla's $5-billion Gigafactory being built in Nevada and obviously
hopes that revenue growth equates to a good return on that substantial
investment. Tesla reportedly has held talks
with companies such as LG Chem, Samsung, and SK Innovation to broaden
its supply of electric-vehicle batteries, but Panasonic still has the
inside track for those deliveries.
Volkswagen may push that revenue growth even further. VW is taking a close look at both Panasonic and South Korea-based LG Chem as a potential partner in the automaker's increased emphasis on electric-vehicle production, according to Bloomberg News.
VW is looking to play catch-up with companies such as Nissan, Toyota,
and, yes, Tesla, and has estimated that it may sell as many as 3 million
electric vehicles a year by 2025. In fact, Volkswagen may invest as
much as $2 billion in electric-vehicle production and has said it may build its own version of a Gigafactory in order to reach some economies of scale. Panasonic and LG Chem spokespeople declined to comment to Bloomberg.
(AutoBlog.com)
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