Panasonic recently lost its status as Tesla’s exclusive battery supplier, but has been able to turn around the U.S. joint battery business as demand for Tesla’s electric cars soar. (Reuters)
Aman's key takeaways:
- EV batteries are a positive for Panasonic which is seeing slower growth in other segments including laptops.
- Both Tesla and Panasonic's Nevada plant registered profits in the last couple of quarters.
- Growing sales and profitability of Tesla is encouraging Panasonic to invest in the Gigafactory despite the uncertainty surrounding the pandemic.
- Panasonic also wants to diversify its current portfolio and remain the biggest third-party supplier to Tesla by expanding the capacity of Gigafactory.