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Panasonic Energy (OTC:PCRFY) announced alongside Lucid Group Inc (NASDAQ:LCID) on Tuesday that the Japanese energy company has entered into multi-year agreements to supply batteries for Lucid’s award-winning luxury electric vehicle, Lucid Air.
The agreement marks another milestone in Panasonic’s plans to expand production of lithium-ion EV batteries beyond Japan and into the U.S. with production coming from both a facility in Japan, as well as expected future production from its recently announced battery production facility in De Soto, Kansas.
“Panasonic is a fantastic partner with both innovative technology and depth of experience,” said Peter Rawlinson, Lucid’s CEO and CTO. “This agreement will help us meet the growing demand for lithium-ion batteries as we continue to ramp production of the full Lucid Air line-up in 2023 and expect to begin production of our Gravity SUV in 2024.”
“With the increased electrification of the automotive market, partnerships with technology-leading EV manufacturers such as Lucid are critical to our mission,” said Kazuo Tadanobu, President, CEO of Panasonic Energy Co., Ltd. “This partnership will help us drive growth of the lithium-ion battery industry and accelerate the world towards a net-zero emissions future.”
Shares of LCID are down 2.72% near end of day trading on Tuesday.
