Panasonic has insisted that China remains a high-priority market despite supply chain setbacks, chief executive Yuki Kusumi confirmed. This comes after attendees of the recent Group of Seven (G7) summit in Hiroshima called for members to “de-risk” when it comes to doing business in China.
“We will continue to develop our businesses in China as we have done in the past,” Kusimi stated during a roundtable interview with reporters on Wednesday. China made up approximately 11.5% of Panasonic’s sales in the business year ending March, totaling 964.7 billion yen ($7.14 billion).
Outside of China, the Japanese electronics manufacturer is looking to capitalize on its domestic market. Kusimi claimed that Japanese auto manufacturers have expressed interest in Panasonic’s cylindrical batteries, meaning that the company may end up handling operations for them if auto manufacturers agree to do business with them.
This would not be Panasonic’s first foray into the automotive industry if successful. The company’s energy unit already produces batteries for Tesla and is looking to build at least two new plants for its 4680 battery production in North America by 2030.