Tesla Supplier Looks To Invest $5B On EV Batteries, Supply Chain Software

Tesla Inc TSLA battery supplier Panasonic Corp PCRFY PCRFF looked to invest ¥600 billion ($4.9 billion) in automotive batteries, supply chain software, and other areas it considered core to its growth.
Panasonic looked to invest ¥400 billion in growth segments, including electric-vehicle cells, and another 200 billion yen in hydrogen device technology over three years through fiscal 2024. Panasonic targeted an accumulated operating profit of ¥1.5 trillion over the period.
Panasonic weighed a site for a U.S. factory where it looked to build next-generation batteries for Tesla and other automakers.
Panasonic also saw opportunities in supply-chain software, acquiring Blue Yonder, which made supply-chain management tools and used artificial intelligence to predict product demand.
Price Action: TSLA shares traded higher by 0.77% at $1,085.90 in the premarket on the last check Friday.