Mazda and Panasonic's energy unit sign auto battery supply agreement
Reuters
Published Mar 29, 2024 03:10AM ET
Updated Mar 29, 2024 04:30AM ET
TOKYO (Reuters) - Japanese automaker Mazda Motor (OTC:MZDAY) and the energy unit of Panasonic (OTC:PCRFY) Holdings 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 (NASDAQ:TSLA).
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 (OTC:FUJHY) to set up a separate partnership for the supply of cylindrical automotive lithium-ion batteries.
($1 = 151.4100 yen)
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Written By: Reuters
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