Panasonic, Subaru to announce joint venture to develop batteries for electric vehicles

• Panasonic and Subaru are reportedly planning to develop batteries for electric vehicles.
• The joint venture is seen as a way for Panasonic to expand its global market share.
• Both companies are expected to announce the joint venture in the coming days.

According to reports on Friday Panasonic Holdings and Subaru, both of Japan, are anticipated to shortly announce plans for a joint venture to develop batteries for electric vehicles. This comes only days before both companies are scheduled to report first-quarter profits.

The Nikkei reported that Panasonic, which supplies nearly all of its EV batteries to Tesla, is looking to expand its global market as rivals from China and South Korea boost their market share. It didn’t cite a source for its information.

The 4680 batteries, the most recent cells backed by Tesla’s CEO, Elon Musk, and for which Panasonic’s energy arm is seeking to increase manufacturing, could be used by Subaru, according to The Nikkei.

A Panasonic representative said the company was looking into several growth plans for its automotive division but had no fresh information to provide.

A representative for Subaru, whose sales are mostly dependent on the North American market, declined to comment.

On Monday, Panasonic will announce its first-quarter financial results; on Wednesday, Subaru will do the same.

In June, Mazda Motor and Panasonic’s energy division said they will begin discussions to form a battery supply collaboration for EVs.

In an effort to capitalize on the expanding EV industry, Subaru stated in May that it planned to sell 200,000 battery-powered vehicles annually worldwide by the end of 2026.

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