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Panasonic Holdings Corporation (PCRFY)

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8.49-0.01 (-0.12%)
At close: 03:53PM EDT
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  • Reuters

    Toyota-Panasonic battery JV to buy lithium from ioneer's Nevada mine

    A joint battery venture of Toyota Motor Corp and Panasonic Corp will buy lithium from ioneer Ltd's Rhyolite Ridge mining project and use the metal to build electric vehicle batteries in the United States. The binding supply deal, announced on Sunday, is the second in less than a month for ioneer and a strong vote of confidence in a project that is racing to be the first new U.S. source of the battery metal in decades. Under the terms of the deal, ioneer will supply 4,000 tonnes of lithium carbonate annually for five years to Prime Planet Energy & Solutions (PPES), which was formed by Toyota and Panasonic in 2020 to better compete with battery market leader Contemporary Amperex Technology Co Ltd (CATL).

  • Reuters

    UPDATE 2-Panasonic's Q1 profit hit by China lockdowns, rising material costs

    Japan's Panasonic Holdings Corp , which supplies batteries to Tesla, posted a 39% drop in first-quarter earnings on Thursday as China's COVID-19 lockdowns and rising material costs disrupted production and squeezed profitability. At the same time, rising material costs caused by Russia's invasion of Ukraine have eroded profits. The Japanese conglomerate, however, stuck with its full-year operating profit forecast of 360 billion yen ($2.66 billion) for the year to March 31 as it bets that it can boost earnings by increasing prices on some products and cutting costs.

  • Reuters

    UPDATE 1-Redwood Materials plans to spend $3.5 bln on making EV battery essentials

    Redwood Materials, founded by former Tesla Inc executive JB Straubel, said on Monday it plans to spend $3.5 billion on a battery-materials factory in northwest Nevada, confirming an earlier report by the Wall Street Journal. The auto industry has been ramping up production of electric vehicles (EV) to meet a demand surge, driving up orders for batteries and raw materials such as lithium, cobalt, etc. Five-year-old Redwood Materials is ramping up production of anode and cathode components to 100 gigawatt-hours by 2025, enough to supply batteries for 1 million EVs a year, then to 500 GWh by 2030, enough to supply 5 million EVs a year or more.