[ad_1]
Panasonic is just the latest company to expand into the battery manufacturing space in Europe.
Kazuhiro Nogi / Agence France-Presse / Getty Images
Panasonic is the latest company to make a big bet in the European electric vehicle market, establishing itself in the region with plans to create a lithium-ion battery company in Norway with two industrial partners.
Panasonic 6752,
the Japanese electronics giant, announced Wednesday with Equinor EQNR,
The Norwegian state-owned oil company and aluminum company Hydro, which the group had formed a strategic partnership to explore a Norwegian lithium-ion battery company focused on the automotive sector.
By the summer of 2021, companies hope to have completed the exploratory phase of company formation and supply chain investigation. As part of this process, they will engage with potential customers in the automotive sector, as well as other industries.
Also read: Spotify CEO and Goldman Sachs both invested in high-tech rival Tesla
“This collaboration combines Panasonic’s position as an innovative technology company and leader in lithium-ion batteries, with the deep industrial experience of Equinor and Hydro, two powerful global players, to potentially pave the way for a battery company. robust and durable in Norway, ”said Mototsugu Sato, executive vice president of Panasonic.
Norway has the world’s highest electric vehicle market penetration, with plug-in cars accounting for almost two-thirds of all new cars sold in September.
The country also has a strong commitment to sustainable energy, including through its sovereign wealth fund, which is the largest in the world, and the state-owned oil company, which is committed to being carbon neutral d ‘by 2050.
“By pooling our different areas of energy expertise, our companies will seek to create a profitable, scalable and sustainable battery business,” said Al Cook, Executive Vice President of Global Strategy and Business at Equinor.
More: Even with $ 1.1 trillion in firepower, this fund is battling rivals to get their hands on green energy opportunities
Panasonic is just the latest company to expand into the European battery manufacturing space. Tesla TSLA electric car maker,
is building a gigafactory in Germany and planning one in the UK In September, Northvolt, one of Tesla’s main rivals, announced it would use funding from investors including Goldman Sachs and the CEO of Spotify SPOT,
to build a gigafactory in Sweden.
Established European car manufacturers, such as Daimler DAI,
BMW BMW,
and Volkswagen VOW,
are also in the race to build electric vehicles alone or in partnership, as the electric vehicle market is set to explode. JPMorgan estimates that by 2025, electric vehicles and hybrid electric vehicles will account for 30% of all auto sales.
At least 12 countries in Europe have planned a ban on internal combustion engine vehicles as early as 2030. British Prime Minister Boris Johnson on Wednesday unveiled a 10-point plan for a “green industrial revolution”, which includes vehicle manufacturing electric vehicles and a ban on new sales of gasoline and diesel cars by the end of the decade.
More: Here are the companies that are expected to grow thanks to the boom in demand for e-bikes
Panasonic is already a very experienced producer of lithium-ion batteries for electric vehicles, having previously been Tesla’s sole battery supplier for its cars. In August, Nikkei announced that Panasonic would increase battery production for Tesla with an investment expected to exceed $ 100 million.
Panasonic and Tesla are partners in the United States, where the two companies jointly operate a $ 5 billion gigafactory in Nevada. However, the strength of their partnership came under scrutiny in September, when Tesla chief executive Elon Musk announced that Tesla was planning to produce its own battery cells as part of its more vertical integration strategy.
[ad_2]
Source link