Battery giant Panasonic has announced that it will stop making lithium-ion batteries at its factory in Beijing, eliminating 1,300 jobs. The 15-year-old plant produces batteries for mobile phones and digital cameras, and Panasonic plans to move away from these products, in favour of higher-margin markets such as automotive batteries. Reuters reports that Panasonic is restructuring to focus on EV batteries and home energy storage systems rather than consumer electronics. the coming fiscal year Panasonic said it would invest about half a billion dollars in Earlier this year in its automotive battery business, including making lithium-ion batteries for Tesla.
Battery giant Panasonic has announced that it will stop making lithium-ion batteries at its factory in Beijing, eliminating 1,300 jobs. The 15-year-old plant produces batteries for mobile phones and digital cameras, and Panasonic plans to move away from these products, in favour of higher-margin markets such as automotive batteries. Reuters reports that Panasonic is restructuring to focus on EV batteries and home energy storage systems rather than consumer electronics. Earlier this year Panasonic said it would invest about half a billion dollars in the coming fiscal year in its automotive battery business, including making lithium-ion batteries for Tesla.