Japanese automaker Mazda Motor and the energy unit of Panasonic Holdings said on Friday they have signed an automotive battery supply agreement.
The deal comes out of talks about a battery supply partnership for electric vehicles that Mazda and Panasonic Energy started in June last year. Panasonic Energy also makes batteries for Tesla.
Mazda and Panasonic Energy said in a joint statement they will disclose at an appropriate time details of the partnership for the supply of cylindrical automotive lithium-ion batteries.
The agreement is likely to help Mazda step up production of EVs as part of a 1.5 trillion-yen (USD 9.9 billion) spending plan it unveiled in late 2022.
Panasonic Energy has also been in talks with Japanese automaker Subaru to set up a separate partnership for the supply of cylindrical automotive lithium-ion batteries.
