Mazda and Panasonic's energy unit sign auto battery supply agreement

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March 29, 2024 3:10 AM EDT

A Mazda logo is displayed at the 89th Geneva International Motor Show in Geneva, Switzerland March 5, 2019. REUTERS/Pierre Albouy/ File Photo

TOKYO (Reuters) - Japanese automaker Mazda Motor and the energy unit of Panasonic Holdings said on Friday they have signed an automotive battery supply agreement.

The deal comes out of talks about a battery supply partnership for electric vehicles that Mazda and Panasonic Energy started in June last year. Panasonic Energy also makes batteries for Tesla.

Mazda and Panasonic Energy said in a joint statement they will disclose at an appropriate time details of the partnership for the supply of cylindrical automotive lithium-ion batteries.

The agreement is likely to help Mazda step up production of EVs as part of a 1.5 trillion-yen ($9.9 billion) spending plan it unveiled in late 2022.

Panasonic Energy has also been in talks with Japanese automaker Subaru to set up a separate partnership for the supply of cylindrical automotive lithium-ion batteries.

($1 = 151.4100 yen)

(Reporting by Daniel Leussink; Editing by Kim Coghill and Tom Hogue)


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