Panasonic joins the electric vehicle market; plans to invest $4.9 billion in EV batteries and supply chain software
The Japanese company said to achieve its future goals, the group is to invest 400 billion yen (nearly $3.26 billion) in "growth areas" and 200 billion yen (about $1.63 billion) in "technology pillars" respectively in three years, from fiscal 2023 to 2025.
As part of the company's medium and long-term growth strategy, it will invest in automotive battery area, supply chain software area, air quality and air conditioning area, hydrogen energy and
"While maintaining financial discipline, the group is to make group-wide strategic investments with the cash generated through enhancement of competitiveness, as well as the investments made by each operating company," the company added.
It is also targeting an accumulated operating profit of 1.5 trillion yen over the period.
The group aims to reduce the impact of over 300 million tonnes of CO2, which are equal to approximately 1 per cent of total global emissions (as of today) by 2050.
Last year, the company closed a $7 billion acquisition deal with supply chain AI software provider Blue Yonder.
Earlier, Panasonic formed a joint venture with
WhatsApp might soon limit forwarding messages to groups to curb the spread of misinformation
HDFC, HDFC Bank announce merger of India’s largest housing finance company with the largest private bank
Popular on BI
- Retail auto sales grow 11% in September, but still below pre-Covid levels, says FADA
- Slow recovery of low income households slowed down India's economic recovery: Kotak report
- Best cars under ₹20 lakh to buy this festive season
- India saw 20.5 billion online transactions worth ₹36 trillion in Q2: report
- Nobel prize winner Svante Paabo's DNA discoveries offer clues as to what makes us human