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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Panasonic Corporation    6752   JP3866800000

PANASONIC CORPORATION

(6752)
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China's SVOLT to supply cobalt-free EV batteries to Great Wall

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09/28/2020 | 06:19am EDT

BEIJING, Sept 28 (Reuters) - Chinese electric vehicle (EV) battery maker SVOLT Energy Technology will supply a new, cobalt-free battery to carmaker Great Wall Motor next year, its president told Reuters on Monday.

The battery will use around 75% nickel, 25% manganese and a minor percentage of other metals to boost performance. It differs from current mainstream nickel-cobalt-aluminium (NCA) batteries, nickel-cobalt-manganese (NCM) batteries or lithium iron phosphate (LFP) batteries.

Companies from Panasonic to CATL are working on lowering content of cobalt in their batteries because of its financial cost and the reputational cost of a metal associated with poor safety conditions at artisanal mining operations.

SVOLT's President Yang Hongxin told Reuters in an interview that SVOLT is testing cars with the new battery with Great Wall with plans to sell the vehicles from next year.

Yang said the two-year-old company is finalising the location of its first European plant and will open a new research centre in China's eastern city of Wuxi. It is making EV batteries in Wuxi's neighbouring city Changzhou.

SVOLT is in talks with investors to raise 2 to 3 billion yuan ($293 million to $440 million) and hopes to apply for a listing on China's STAR market in 2022, Yang said. He did not elaborate.

SVOLT's move comes after Tesla Inc outlined a plan to halve the cost of its electric vehicle batteries by recycling batteries and reducing cobalt - one of the most expensive battery materials - to virtually zero.

($1 = 6.8228 Chinese yuan renminbi) (Reporting by Yilei Sun and Brenda Goh; Editing by Susan Fenton)


Stocks mentioned in the article
ChangeLast1st jan.
CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED 0.57% 229.41 End-of-day quote.115.61%
GREAT WALL MOTOR COMPANY LIMITED 1.78% 22.92 End-of-day quote.158.98%
PANASONIC CORPORATION 1.32% 883.1 End-of-day quote.-14.22%
TESLA, INC. -2.01% 430.83 Delayed Quote.425.51%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.24% 6.6764 Delayed Quote.-3.83%
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Financials
Sales 2021 6 503 B 61 652 M 61 652 M
Net income 2021 94 424 M 895 M 895 M
Net Debt 2021 101 B 957 M 957 M
P/E ratio 2021 22,0x
Yield 2021 2,83%
Capitalization 2 060 B 19 538 M 19 535 M
EV / Sales 2021 0,33x
EV / Sales 2022 0,31x
Nbr of Employees 249 349
Free-Float 90,8%
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Mean consensus HOLD
Number of Analysts 19
Average target price 1 032,82 JPY
Last Close Price 883,10 JPY
Spread / Highest target 58,5%
Spread / Average Target 17,0%
Spread / Lowest Target -28,7%
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Managers
NameTitle
Kazuhiro Tsuga President, CEO & Representative Director
Shusaku Nagae Chairman
Hirokazu Umeda CFO, Director & Managing Executive Officer
Yoshiyuki Miyabe Chief Technology & Information Officer
Masayuki Matsushita Vice Chairman
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