Panasonic Makes $5 Billion Investment For EV Batteries & Management Software
- Panasonic will be spending $5 billion on EV tech
- It has invested in batteries, hydrogen power & software
- It expects a revenue of $12.2 billion in the next 3 years
After flailing though the 2000s as a consumer electronics giant and missing out on the mobile boom, Panasonic found itself a new life with electric cars taking off when Elon Musk and Tesla made the bold and audacious bet on the industry in the mid 2000s. Now, to complete its reinvention it has announced an investment of $4.9 billion which is for batteries and supply chain software as this industry becomes central to Panasonic.
Panasonic is not betting the farm on electric cars as a big chunk of this investment is also on hydrogen fuel cell based solutions. Panasonic is targeting an overall operating revenue of $12.2 billion in the next three years.
The tabless batteries are key for Tesla to enhance the range of its cars and reduce the costs.
Panasonic is a 104 year old company which used to be one of the top consumer electronics players alongside the likes of Sony but in the 2000s its star started to fade. Its new CEO Yuki Kusuma has pivoted Panasonic towards the electric car batteries. In fact, he backed the project behind Tesla's tab-less battery cells that are now being deployed by the world's most valuable automaker.
It is in talks for a site for manufacturing these batteries in the US and chances are the multi-billion dollar plant. While doing this, it is also doubling down on supply chain software and battery management tools. It acquired Blue Yonder in 2021 for $7.1 billion which will now be deeply embedded in Panasonic's hardware.
Sahil or Bones, as he is known to everyone, is a heady cocktail of work and play. While most people know him for the gadgets he is always reviewing during the day, by night he’s a music buff and will often be found covering the best gig in town. Even with the shutters down, he will be using the same tech gadgets to chronicle the night. That’s what Bones is all about because work equals to play for him and play turns into work. And now at carandbike, his toys are just getting bigger. Other than this he can be found in his basement playing with his 11 dogs, recording or writing something about tech while watching an episode of Star Trek. Or just blasting some progressive metal while doing all of the above.
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