Panasonic’s battery unit may struggle to hit FY2030 targets, says CEO – ET Auto

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The unit also dropped the target year for achieving sales of over 3 trillion yen (USD 19.19 billion).

The energy unit of Japan’s Panasonic Holdings may find it “a little hard” to meet a previously stated goal of boosting electric vehicle battery capacity to 200 gigawatt hours per year by early next decade, its CEO said on Thursday.

The comments highlight the difficulty Tesla supplier Panasonic Energy faces as demand for EV batteries cools in the face of a slowdown in the take-up of battery-powered vehicles in the U.S.

The unit also dropped the target year for achieving sales of over 3 trillion yen (USD 19.19 billion). It had previously expected to reach both targets by the 2030 business year, which ends in March 2031.

The numbers remained a goal, but it may be “a little hard” to achieve them around 2030, Panasonic Energy CEO Kazuo Tadanobu told financial analysts and reporters on Thursday.

The latest admission follows remarks last month from Panasonic’s top executive, Yuki Kusumi, that there was a need to set the pace of investment in automotive battery plants based on the speed at which EVs spread.

  • Published On Jun 7, 2024 at 10:27 AM IST

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