Japanese Electronics Giant Panasonic Quadruples Production

Japanese electronics manufacturer Panasonic aims to quadruple its battery production for electric vehicles by the end of the next 5 years.

Japanese electronics giant Panasonic Energy announced that they have set targets that will increase their production to 4 times higher in line with the increasing demand for electric vehicle batteries. According to this decision, Panasonic Energy plans to increase its battery production for electric vehicles by 4 times by fiscal year 2028. As an initial target, battery sales revenues are projected to reach 970 billion yen ($7.5 billion) by fiscal 2024, which ends in March 2025. It was noted that with the increase in production capacity, new factories will be opened in North America. The "next generation 4680 battery cell", which will be mass-produced at the Wakayama factory in southwestern Japan, will be supplied to Tesla of the USA in fiscal 2023.