Panasonic to invest $4.9 bn in EV batteries, supply chain software

Apr 5, 2022 02:53 PM ET
  • Panasonic Corporation is joining the high-growth electrical vehicles (EV) market, with plans to invest almost $4.9 billion in automotive batteries, supply chain software and also cyber physical systems, to name a few.

From fiscal 2023 to 2025, the team is to invest:

  • 400 billion yen (almost $3.26 billion) in "development locations"
  • 200 billion yen (regarding $1.63 billion) in "modern technology pillars"

The Japanese firm stated to achieve its future objectives, the group is to invest 400 billion yen (almost $3.26 billion) in "development areas" and also 200 billion yen (concerning $1.63 billion) in "technology pillars" specifically in 3 years, from fiscal 2023 to 2025.

As part of the business's medium and also long-term growth approach, it will certainly buy automotive battery location, supply chain software location, air quality and also air conditioning location, hydrogen energy and CPS (cyber physical system), it stated in a statement

"While preserving monetary discipline, the group is to make group-wide critical investments with the cash generated with enhancement of competition, as well as the financial investments made by each running business," the company included.

It is also targeting an accumulated operating revenue of 1.5 trillion yen over the duration.

The group aims to lower the influence of over 300 million tonnes of CO2, which amount to roughly 1 percent of overall global exhausts (as of today) by 2050.

In November 2021, Panasonic, previously known as Matsushita Electric Industrial Co., introduced an updated version of its EverVolt home battery system-- an emergency power back up system that stores surplus solar energy for usage when the power goes out or at nights when rates are highest possible.

The EverVolt ™ 2.0 battery storage system incorporates effortlessly with Panasonic photovoltaic panels to produce the Total Home Solar Energy System, enabling home owners to generate as well as save plentiful clean energy, stated the company. It can be a/c- and also DC-coupled to work with both new as well as existing photovoltaic panel systems.

Additionally, last year, the business shut a $7 billion acquisition deal with supply chain AI software supplier Blue Yonder.

Previously, Panasonic developed a joint venture with Toyota that specialises in vehicle batteries.

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