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Tesla Supplier Looks to Invest $5B on EV Batteries, Supply Chain Software

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The logo of Japan’s Panasonic is displayed in Tokyo, on May 10, 2021. (Philip Fong/AFP via Getty Images)

Tesla Inc. battery supplier Panasonic Corp. looked to invest ¥600 billion ($4.9 billion) in automotive batteries, supply chain software, and other areas it considered core to its growth.

Panasonic looked to invest ¥400 billion in growth segments, including electric-vehicle cells, and another 200 billion yen in hydrogen device technology over three years through fiscal 2024. Panasonic targeted an accumulated operating profit of ¥1.5 trillion over the period.

Panasonic weighed a site for a U.S. factory where it looked to build next-generation batteries for Tesla and other automakers.

Panasonic also saw opportunities in supply-chain software, acquiring Blue Yonder, which made supply-chain management tools and used artificial intelligence to predict product demand.

By Anusuya Lahiri

© 2022 The Epoch Times. The Epoch Times does not provide investment advice. All rights reserved.

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