Panasonic expects strong demand from US partner Tesla

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In talks to expand Nevada Battery Factory

Source: Reuters – Reuters

The chief financial officer of Panasonic said the company expects strong demand for battery cells from the American partner Tesla, and they are in talks to expand their joint plant in Nevada, which has become profitable.

The positive outlook comes after Tesla’s problems and production delays that have affected her partnership with Panasonic over the past few years.

Panasonic recently lost its position as Tesla’s exclusive battery supplier, but managed to transform the battery business in the United States in light of the growing demand for Tesla electric cars.

Last month, Tesla announced its third consecutive quarterly profit despite the economic impact of the Corona virus pandemic, which surprised investors.

“We are expecting strong demand from Tesla,” which exceeds the current capacity of the Nevada plant, which is 35 GWh per year, added Panasonic Financial Director Hirokazu Umeda in a profit briefing on Monday. We are currently talking “about increasing the plant’s capacity,” he said.

He said the factory made a profit from January to March.

The operating profit of the group in the year ending in March fell 29 percent to 294 billion yen ($ 2.7 billion).

Analysts expect an average profit of 225.46 billion yen for the current fiscal year.



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