Panasonic is set to enter the rapidly growing electric vehicles (EV) market, intending to invest approximately $4.9 billion in various areas such as automotive batteries, supply chain software, and cyber-physical systems.
The Japanese company plans to allocate 400 billion yen (approximately $3.26 billion) to “growth areas” and 200 billion yen (around $1.63 billion) to “technology pillars” over a three-year period, from fiscal years 2023 to 2025, in order to achieve its future objectives.
Panasonic stated in a press release, “As part of the company’s medium and long-term growth strategy, it will invest in the automotive battery sector, supply chain software, air quality and air conditioning, hydrogen energy, and cyber-physical systems (CPS).”
The company further emphasized that these strategic investments will be carried out across the entire organization while maintaining financial discipline. The investments will be funded through improved competitiveness and the cash generated by each operating company within the Panasonic group.
