Mazda and Panasonic's energy unit sign auto battery supply agreement (updated)

Panasonic Holdings

29/03/2024 07:06

(Adds context in paragraphs 2, 4-5)
       TOKYO, March 29 (Reuters) - Japanese automaker Mazda
Motor  7261.T  and the energy unit of Panasonic Holdings
 6752.T  said on Friday they have signed an automotive battery
supply agreement. 
    The deal comes out of talks about a battery supply
partnership for electric vehicles that Mazda and Panasonic
Energy started in June last year. Panasonic Energy also makes
batteries for Tesla  TSLA.O . 
    Mazda and Panasonic Energy said in a joint statement they
will disclose at an appropriate time details of the partnership
for the supply of cylindrical automotive lithium-ion batteries. 
    The agreement is likely to help Mazda step up production of
EVs as part of a 1.5 trillion-yen ($9.9 billion) spending plan
it unveiled in late 2022. 
    Panasonic Energy has also been in talks with Japanese
automaker Subaru  7270.T  to set up a separate partnership for
the supply of cylindrical automotive lithium-ion batteries. 
        
  
    ($1 = 151.4100 yen)

 (Reporting by Daniel Leussink; Editing by Kim Coghill and Tom
Hogue)
 ((daniel.leussink@thomsonreuters.com; Twitter:
@danielleussink;))