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Panasonic Holdings Corporation (OTC:PCRFY) said Panasonic Energy and Mazda Motor Corp (OTC:MZDAY) will engage in talks for a battery supply partnership.
Both parties look to leverage the demand for battery EVs and automotive batteries in a rapidly expanding market.
The companies will commence discussions toward Panasonic Energy supplying Mazda with automotive cylindrical lithium-ion batteries manufactured at Panasonic Energy’s plants in Japan and North America.
Mazda will look to install batteries procured from Panasonic Energy in battery EVs scheduled to be launched in the latter half of the 2020 decade.
“As the automotive industry rapidly advances electrification and is leading in this technology, collaboration with Mazda will be a major step toward the achievement of our mission of realizing a society in which the pursuit of happiness and a sustainable environment are harmonized,” said Panasonic Energy CEO Kazuo Tadanobu.
As part of electrification initiatives, Mazda is working with its partners in three phases to respond to changes in regulatory trends, consumer needs, and other areas.
Price Action: PCRFY shares closed lower by 1.11% at $11.63 on Tuesday.
