Panasonic to ramp up EV battery production in Japan

TOKYO -- Panasonic Holdings is looking to more than double its domestic production of EV batteries to supply potential customers like Mazda and Subaru and improve the performance of its Japanese factory.

"We are estimating our target for 2030 based on our demand from [potential] customers," President and CEO Yuki Kusumi said in an interview with reporters on Tuesday. "Our challenge regarding the profit for the automobile battery business ... comes from a huge drop in demand for batteries used in specific models," he said.