Panasonic CEO says battery plans align with slower EV demand

As global demand for electric vehicles wanes, Panasonic Holdings has decided not to rush into expanding its battery production capacity. CEO Yuki Kusumi highlighted this strategy as a response to slower market growth. The company already operates lithium-ion batteries for Tesla and has a Nevada facility since 2017. Additionally, with factories in the U.S., Panasonic benefits from reducing reliance on Chinese manufacturers due to tariffs and incentives under the Inflation Reduction Act. While competitors like Honda and Hyundai are expanding their U.S. battery production, Panasonic remains ahead of them with its strategic positioning.