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    6752   JP3866800000

PANASONIC CORPORATION

(6752)
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Toyota-Panasonic venture to build lithium-ion batteries for hybrids in Japan

10/06/2020 | 02:30am EDT
The Panasonic booth is shown during the 2020 CES in Las Vegas

TOKYO (Reuters) - A joint battery venture of Toyota Motor Corp and Panasonic Corp on Tuesday said it will produce lithium-ion batteries for hybrid cars at a plant in Western Japan from 2022 to meet growing demand for electric vehicles (EV).

The production line at a Panasonic factory in Tokushima prefecture will have enough capacity to build batteries for around 500,000 vehicles a year, Prime Planet Energy & Solutions, Inc said in a statement.

"The global electric vehicle market is expected to continue growing rapidly," the company said.

Established in April, Prime Planet Energy is 51% owned by Toyota Motor with Panasonic holding the remaining stake. The venture reflects the drive of both companies to become bigger global players in an industry vital for the development of affordable EVs.

Panasonic, one of the world's biggest EV battery makers, faces intense competition as a battery supplier to global automakers, including Tesla Inc. The other leading players are South Korean and Chinese makers such as Samsung SDI Co, LG Chem and CATL.

Toyota, Japan's biggest carmaker, last month said it expects annual sales of EV vehicles to reach 5.5 million in 2025, five years earlier than initially planned.

(Reporting by Tim Kelly; Editing by Muralikumar Anantharaman and Sherry Jacob-Phillips)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED -0.25% 467.3 End-of-day quote.33.09%
LG CHEM, LTD. -0.48% 831000 End-of-day quote.0.85%
LG CORP. 0.96% 105500 End-of-day quote.9.91%
PANASONIC CORPORATION 0.65% 1247.5 End-of-day quote.4.79%
SAMSUNG ELECTRONICS CO., LTD. 1.37% 81200 End-of-day quote.0.25%
SAMSUNG SDI CO., LTD. 0.88% 690000 End-of-day quote.9.87%
SDI CORPORATION 5.91% 134.5 End-of-day quote.36.97%
TESLA, INC. 3.54% 679.82 Delayed Quote.-6.96%
TOYOTA INDUSTRIES CORPORATION 0.62% 9790 End-of-day quote.19.54%
TOYOTA MOTOR CORPORATION 0.43% 9824 End-of-day quote.23.46%
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Financials
Sales 2021 6 676 B 60 214 M 60 214 M
Net income 2021 159 B 1 430 M 1 430 M
Net Debt 2021 61 414 M 554 M 554 M
P/E ratio 2021 18,5x
Yield 2021 1,84%
Capitalization 2 911 B 26 256 M 26 252 M
EV / Sales 2021 0,45x
EV / Sales 2022 0,41x
Nbr of Employees 243 540
Free-Float 90,8%
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Technical analysis trends PANASONIC CORPORATION
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Mean consensus OUTPERFORM
Number of Analysts 16
Last Close Price 1 247,50 JPY
Average target price 1 574,25 JPY
Spread / Average Target 26,2%
EPS Revisions
Managers and Directors
NameTitle
Kazuhiro Tsuga President, CEO & Representative Director
Hirokazu Umeda CFO, Director & Managing Executive Officer
Shusaku Nagae Chairman
Yoshiyuki Miyabe Chief Technology & Information Officer
Laurence William Bates Director & Chief Compliance Officer
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