Battery supplier behind the EV giant expects sales of its automotive batteries and home storage to more than double by 2019
Japanese electronics giant Panasonic, the company which supplies batteries to EV giant Tesla, has said that it expects its annual sales of EV batteries to more than double in the next three years, largely on the back of increasing demand for Tesla vehicles.
The company, which is the exclusive battery provider for Tesla’s new mass-market Model 3 vehicle, said that it anticipates sales reaching 400 billion yen (almost US$4 billion) by 2019, up from 180 billion yen for the year to March 2016.
The comments were made by an executive in the company’s automotive and industrial systems unit, Kenji Tamura, and picked up by Reuters late last week.
The company is also confident that sales of home energy storage products, such as Tesla’s Powerwall, will also rise rapidly, bringing total sales for the unit to 500 billion yen (US$4.8 billion).
Indeed, with Tesla working to increase production of the Model 3 to 500,000 vehicles per year by the end of 2018, Panasonic also intends to bring forward its agreed US$1.6 billion investment in Tesla’s US$5-billion Gigafactory at the company’s request.