Panasonic said it expected the development of a bigger electric vehicle battery to help the company diversify its business from Tesla, as the Japanese electronics conglomerate works to focus direction after a period of aggressive streamlining.
Yuki Kusumi, a company veteran appointed chief executive last year, said Panasonic would invest ¥600bn ($4.8bn) over the next three years, with two-thirds earmarked for EV batteries, supply chain software and air conditioners.
Kusumi said Panasonic was prioritising the development of the lithium-ion 4680 battery at its Wakayama factory in western Japan. The company plans to introduce two production lines for the battery, which has a fivefold energy capacity compared with those being used at present.
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