(Bloomberg) -- Japan’s Panasonic Corp., which makes electric-car batteries for Tesla Inc., said it boosted sales of the product “significantly” last quarter after expanding production in North America.
Sales of prismatic battery cells advanced after a production increase in Dalian, China, while investments in North America led to gains in revenue for cylindrical batteries in the quarter through September, Panasonic said Thursday. The company didn’t provide revenue or earnings figures for batteries.
Panasonic has been a long-term a supplier for Tesla, betting big on making batteries for vehicles such as the Model 3 sedan. Competition from other suppliers is intensifying, with Tesla said to agree to purchase batteries from South Korea’s LG Chem Ltd. for vehicles to be built at its new plant near Shanghai. Tesla is also in talks to purchase batteries from China’s Contemporary Amperex Technology Co. Ltd., people familiar with the matter said earlier this year.
Total revenue at Panasonic’s automotive business increased 3% last quarter, excluding changes in exchange rates, weighed down by falling sales of products other than batteries amid deteriorating market conditions in China.
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