Panasonic Energy is discussing a potential joint venture with Indian Oil to produce electric vehicle (EV) batteries in India. The company’s interest in India comes after news broke that Tesla Giga Berlin is producing cars for the country.
The Japanese battery supplier plans to produce cylindrical lithium-ion batteries in India. The two companies announced that their potential joint venture aims to cater to the growing demand for batteries for two and three-wheeler vehicles, along with energy storage systems in the Indian market.
Panasonic Energy and Indian Oil plan to conduct a feasibility study to explore possible applications for battery technologies in the Indian market. The two companies expect to finalize their research and discussions by the summer of 2024.
Panasonic Energy’s possible joint venture with Indian Oil comes after news broke that Tesla Giga Berlin is producing cars for India. According to reports, Tesla plans to export vehicles to India later this year.
Tesla India has been a challenging project for the EV company. However, the Indian government recently passed a new policy for foreign car makers that paved the way for Tesla’s entrance into the market. The new policy lowers import taxes for foreign automakers and encourages them to invest at least $500 million in vehicle production within India.
Tesla reportedly plans to invest $2 billion in a gigafactory in India. The company plans to send a team to search for potential sites for its factory in India. If the reports prove accurate, Tesla’s suppliers like Panasonic Energy might be looking into sites and collaborations in India as well.
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