Panasonic will remove its 2030 target to achieve 4x capacity and 3x revenue goals. The company says that it still aims to hit targets, but a date to reach them is no longer important. The battery maker may divert North American supply to fulfill Japanese demand. Panasonic has decided its course of quadrupling EV battery production in a short space of time was ill-advised.
While a record number of EVs are being registered on American roads, growth has begun to taper off, with multiple studies still suggesting that a lack of charging infrastructure and high purchase costs weigh on the minds of concerned buyers. Looking at the current market, we decided that rather than be fixated on the number, it's more important to aim for a decent profit and a certain amount of market share, says Panasonic CEO Kazuo Tadanobu, quoted by Nikkei Asia.
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