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6752 - Panasonic News Story

¥1200.5 -8.5  -0.7%

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Sector
Technology
Size
Large Cap
Market Cap £18.30bn
Enterprise Value £17.52bn
Revenue £43.46bn
Position in Universe 53rd / 3903

Outgoing CEO says Panasonic must cut Tesla reliance as battery tie-up evolves -FT

Sun 14th March, 2021 7:42am
March 14 (Reuters) - Panasonic Corp's  6752.T  outgoing
Chief Executive Kazuhiro Tsuga said the company will need to
reduce its heavy reliance on Tesla Inc  TSLA.O  by making
batteries more compatible with electric vehicles from other
global carmakers, the Financial Times reported on Sunday.
    "At some point, we need to graduate from our one-legged
approach of relying solely on Tesla," Tsuga, who will step down
after nine years as CEO from April 1, told the newspaper in an
interview.
    "We are entering a different phase and we need to keep an
eye on supplying manufacturers other than Tesla."
    The Japanese conglomerate announced in November that Tsuga
would step down in April after nine years at the helm and that
Yuki Kusumi, the head of its automotive business, would take
over.  urn:newsml:reuters.com:*:nL1N2K80CV
    Under Tsuga's leadership, Panasonic has shifted its focus
away from low-margin consumer electronics to batteries, factory
machines and components. The company said last month it expects
its battery business supplying Tesla to be profitable this
fiscal year.
    Panasonic has partnered with Tesla in a $5 billion battery
"gigafactory" near Reno, Nevada.  urn:newsml:reuters.com:*:nL4N2L63WE
    

 (Reporting by Kanishka Singh in Bengaluru; Editing by William
Mallard)
 ((Kanishka.Singh@thomsonreuters.com; +91 8061822801;))
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