Panasonic: May cooperate with Tesla to produce electric vehicle batteries in China

Japan's Panasonic Corp. President Kazuhiro Tsuga said on Thursday that the company may cooperate with U.S. electric car maker Tesla to produce batteries in China.

Kazuhiro Tsuga said at the earnings conference: "As previously reported, Tesla may start full-scale production in China in the future, and we may cooperate in the production of batteries." This is the first time Panasonic has admitted that it may produce batteries for Tesla in China. The company currently produces batteries in Japan and the Gigafactory in Nevada, USA.

Batteries are central to Panasonic’s plan to nearly double automotive sales to 2.5 trillion yen by the year ending March 2022 as it shrinks its low-margin consumer electronics business.

Panasonic said it expects battery sales to drive an 11.7 percent increase in operating profit to 425 billion yen ($3.89 billion) in the year ending March 2019.

As a winner of Toutiao's Qingyun Plan and Baijiahao's Bai+ Plan, the 2019 Baidu Digital Author of the Year, the Baijiahao's Most Popular Author in the Technology Field, the 2019 Sogou Technology and Culture Author, and the 2021 Baijiahao Quarterly Influential Creator, he has won many awards, including the 2013 Sohu Best Industry Media Person, the 2015 China New Media Entrepreneurship Competition Beijing Third Place, the 2015 Guangmang Experience Award, the 2015 China New Media Entrepreneurship Competition Finals Third Place, and the 2018 Baidu Dynamic Annual Powerful Celebrity.