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Panasonic’s Auto Unit Expects to Add up to $3.6 Billion in New Revenue

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Larry Armitage
May 20, 2016 09:49

OSAKA, Japan— Panasonic Corp. PCRFY -1.72 % s auto business on Friday said it expected to add up to $3.6 billion in new revenue in the next two years through mergers and acquisitions that would give it new technologies as part of its drive to become a major supplier for cars of the future.

The Osaka-based company said it is considering acquiring or collaborating with companies that could help supplement its existing technologies in areas such as auto sensors and artificial intelligence.

The move comes as global technology companies race to capitalize on the computerization of the automobile, including through autonomous driving.

Yoshio Ito, president of Panasonic s automotive unit, said the company will aim for ¥2 trillion in sales, a 16% increase from the 2015 financial year that ended in March, in the division by 2018.

Panasonic provides nearly all of the batteries used to power Tesla Motors Inc. TSLA 0.90 % s electric vehicles.

Corrections & Amplifications:

Panasonic Corp. expects to bring in up to $3.6 billion of additional revenue in its auto business over the next two years through investments in mergers and acquisitions.

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Larry Armitage
May 20, 2016 09:49
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