Panasonic´s CEO calls for more independence from Tesla
The company should also be producing batteries for other car producers.
Outgoing Panasonic (OTC: PCRFY) Corp. chief executive Kazuhiro Tsuga said the company needs to reduce its heavy reliance on Tesla (Nasdaq: TSLA) Inc. by making batteries more compatible with electric vehicles from other global automakers, the company reported Financial Times on Sunday. "At some point we have to leave our one-legged approach of relying exclusively on Tesla behind us," said Tsuga, who will step down as CEO on April 1 after nine years, in an interview with the newspaper. "We are entering a different phase and have to keep an eye on deliveries to manufacturers other than Tesla." The Japanese conglomerate announced in November that Tsuga would step down in April after nine years at the helm and take over Yuki Kusumi, head of the automotive business. Under Tsuga's leadership, Panasonic has shifted its focus away from low-margin consumer electronics to batteries, factory machinery and components. The company said last month that it expects its battery business, which supplies Tesla, to be profitable this fiscal year. Panasonic has partnered with Tesla for a $ 5 billion battery "gigafactory" near Reno, Nevada.