Panasonic Corp. has agreed to establish a joint venture company in China to sell automotive batteries for eco-friendly vehicles.
The JV will be made with Dalian Levear Electric Co. Ltd. who will hold a 50% stake in the joint project with Panasonic owning the other half. The automotive battery company, known as Panasonic Automotive Energy Dalian Co. Ltd, will be located in Dalian, China and will handle the design, manufacture, sales, after-sales and import/export services for lithium-ion batteries targeted at electric and hybrid vehicles.
Panasonic says with China facing increasing environmental issues as its economy grows, eco-friendly vehicles are expected to rise in the country. The JV is looking to take advantage of the rising sales of EVs and hybrids using Panasonic’s technology and quality control of automotive batteries to bring them to the Chinese market, the company says.
The JV is slated to begin production in China in 2017.
