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1 Apr 2022

Panasonic Set to Invest $5 Billion on EV Batteries and Supply Chain Software

Panasonic Set to Invest $5 Billion on EV Batteries and Supply Chain Software

The Index Today

Panasonic Holdings Corp. is set to employ $4.9 billion (600 billion yen) to fund the enhancement of electric vehicular batteries, supply chain software and other aspects of the organization that are essential to the progress and development of the company.

According to Bloomberg News, the company released a statement revealing that it intends to spend 400 billion yen in areas including EV batteries and an additional 200 billion yen in advanced technological interventions including hydrogen devices for a period of three years until the 2024 financial year. The tech giant is also aiming to gain an accrued profit of 1.5 trillion yen during the same time frame.

Panasonic’s CEO Yuki Kusumi commented on the new development saying that the company “considered what society will look like in 2030 and back-cast from there,” reported Bloomberg News.