Panasonic agrees to supply EV batteries to Lucid Group

TOKYO (Reuters) – Tesla’s battery maker Panasonic Holdings said on Thursday it had signed a deal to supply electric vehicle (EV) maker Lucid Group with lithium-ion batteries.

“Partnerships with technology-leading electric vehicle manufacturers like Lucid are critical to our mission,” said Kazuo Tadanobu, head of energy business at Panasonic, in a press release.

Almost all of Panasonic’s car battery production now goes to Tesla. Panasonic, which plans to build his $4 billion new battery factory in Kansas, is benefiting from surging demand for Tesla, but officials at the Japanese firm warned it would become overly dependent on one customer. are also wary of

Lucid will use Panasonic batteries in its long-range Lucid Air and Gravity crossovers, which will go into production in 2024, the company said.

In August, Lucid halved its EV production forecast, blaming unusual supply chain and logistics challenges. The company says it has 37,000 reservations and plans to produce 6,000 to 7,000 luxury electric vehicles this year.

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