Nikkei · EV batteries · Tesla cylindrical cells (2170/4680)
Panasonic Energy
Panasonic Energy is the battery subsidiary of listed Panasonic Holdings (6752.T) and Tesla's key partner for cylindrical EV battery cells. Its Energy segment posted ¥873.2 billion in revenue for fiscal 2025 (ended March 2025). It is expanding North American output around its Nevada plant (~41 GWh) and the De Soto, Kansas plant, which began mass production in 2025.
6752.T Updated Jul 12, 2026 3 AI consumers· 1 recurring
Per the valuechain.wiki graph, Panasonic Energy is directly linked to 6 companies (4 supply, 2 revenue relationships) and reaches 8 companies within two hops; the links are backed by 19 dated sources, 4 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 Energy segment ¥873.2bn (group consol. ¥8.46tn)
- Customer concentration · High Tesla dependence (share undisclosed)
- Segments · In-vehicle (cylindrical 2170 / 4680) · Industrial/consumer (ESS, consumer cells)
Revenue from
- Toyota·Subaru (PPES JV) High confidence· ownership 49% · 2020~ · Panasonic stake in PPES
JV PPES (Toyota 51% / Panasonic 49%) makes prismatic automotive cells for Toyota bZ4X, Lexus RZ and Subaru Solterra; an equity-JV relationship.Confirms EN Prime Planet Energy & Solutions Published Oct 9, 2025: Prime Planet Energy & Solutions Begins Mass Production of New BEV Battery at HimejiConfirms EN Toyota Motor Corporation Published Feb 3, 2020: Toyota and Panasonic Establish Joint Venture for Automotive Prismatic Batteries - Tesla High confidence· capacity 41 GWh · 네바다 · Nevada 2170 cell capacity
Anchor customer. Makes 2170 cells at Gigafactory Nevada (~41 GWh) for Tesla Model 3/Y, preparing 4680 at Wakayama; Kansas plant also makes 2170. Tesla revenue share undisclosed.Confirms EN Panasonic North America Published Jul 14, 2025: Panasonic Energy Begins Mass Production at New Kansas Battery Factory, ~32 GWhConfirms EN Panasonic Holdings Published May 9, 2025: Panasonic Holdings FY2025 results — Energy segment ¥873.2bn - Lucid Group High confidence
Multi-year supply for Lucid Air and the Gravity SUV; Gravity uses Panasonic's latest-generation 2170 cells.Confirms EN Panasonic North America Published Dec 13, 2022: Panasonic Energy and Lucid Group Announce Agreement to Supply Batteries for Lucid Air - Mazda High confidence
2024 agreement for cylindrical automotive Li-ion cells, made in Japan and North America for Mazda BEVs launching late this decade.Confirms EN Panasonic Published Mar 29, 2024: Mazda and Panasonic Energy Enter Agreement Towards Supply of Cylindrical Automotive BatteriesConfirms EN Mazda / Panasonic Energy Published Mar 29, 2024: Mazda and Panasonic Energy Enter Agreement Towards Supply of Cylindrical Automotive Lithium-ion Batteries
Pays to
- Sumitomo Metal Mining High confidence· capacity 60,000 tonnes · →120k(2028)→180k(2031) · NCA cathode capacity expansion
Key NCA cathode supplier and global NCA leader; Panasonic is its largest customer and most material goes into Tesla cells. Expanding Niihama from 60kt to 120kt (2028) to 180kt (2031).Confirms EN MINING.COM Published Nov 17, 2022: Sumitomo Metal aims to boost battery materials outputConfirms JA Toyo Keizai Published Jun 1, 2022: How Sumitomo Metal Mining stays competitive in battery cathodes - H&T Recharge High confidence· Investment $110M · 2024~ · H&T De Soto investment (4 can lines)
2024 long-term agreement with H&T for cylindrical battery cans at the Kansas plant; H&T invests $110M in De Soto with four automated can lines.Confirms EN Kansas Department of Commerce Published Mar 1, 2024: Governor Kelly Announces H&T Recharge Investing $110M as New Panasonic SupplierConfirms EN Panasonic Published Feb 27, 2024: Panasonic Energy Signs Agreement with H&T for Cylindrical Battery Cans - Nouveau Monde Graphite High confidence
Signed an anode active material (graphite) offtake MOU with Canada's NMG in 2022, part of North American localization.Confirms EN Panasonic Published Oct 20, 2022: Panasonic Energy Signs MOU with Canada NMG on Anode Active Materials - LG화학 (양극재) Medium confidence· contract ₩3.8T · 양극재 매입
₩3.76T US-bound EV cathode supply contract (Nov 2025–Jul 2029); counterparty withheld in filing, identified as Panasonic by media.Confirms EN The Korea Economic Daily (KED Global) Published Nov 14, 2025: LG Chem wins $2.6 billion cathode deal with US clientConfirms KO DART (FSS) Published Nov 13, 2025: LG Chem Single Supply Contract Disclosure (long-term EV cathode) - Frontier Lithium / ioneer Medium confidence· volume 4,000 tonnes/yr · 5년 · ioneer-PPES lithium carbonate offtake
2026 MOU with Mitsubishi Corp and Frontier Lithium (lithium-hydroxide offtake talks). The Toyota-Panasonic JV (PPES) holds a 4,000 tpa, 5-yr lithium carbonate offtake with ioneer.Confirms EN Newswire Published Mar 1, 2026: Frontier Lithium Signs MOU with Panasonic Energy to Advance North American Battery Supply Chain - BTR New Material Group Co., Ltd Medium confidence
Panasonic Energy sources anode material from BTR New Material, the world's top anode maker.Confirms EN BTR New Material Published Aug 7, 2024: BTR, the world's leading anode materials manufacturer - Yunnan Energy New Material (SEMCORP) Medium confidence
Panasonic is an overseas battery customer that sources Enjie's wet-process separators.Confirms EN Yunnan Energy New Material FY2024 Annual Report (English) Published Jun 10, 2025: 2024 Annual Report of Yunnan Energy New Material Co., Ltd.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Mazda Motor | lead1 | +18.8 | +22.8 | +81.1 | -39 | +17.3 | -3.2 |
| Tesla | lead1 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -9.3 |
| Panasonic Energy | node | -5.7 | -1.6 | +20.1 | +16.6 | +36.2 | +113.2 |
| Yunnan Energy New Material (SEMCORP) | benef1 | +92.8 | -38.6 | -72.6 | -29.2 | +76.4 | +7.5 |
| LG Chem | benef1 | -29 | +9.7 | -36.6 | -45.3 | +31.2 | -14.4 |
| Sumitomo Metal Mining | benef1 | +20.5 | +5.4 | -19.4 | -10.2 | +168.7 | -20.9 |
| LG Energy Solution | benef2 | · | · | -26.9 | -7.6 | +13.1 | -18.1 |
| Cosmo Advanced Materials & Technology | benef2 | +121.4 | +48.7 | +128.9 | -60.4 | -3.4 | -22.5 |
YTD as of 2026-07-10 · source: Yahoo Finance
The thesis is a first-generation cylindrical-cell leader working to unwind Tesla-anchor dependence through North American localization and customer diversification. It makes 2170 cells for Tesla Model 3/Y at Nevada (41GWh/yr) and De Soto, Kansas (mass production 2025) while preparing next-gen 4680 at Wakayama, and broadens customers to Lucid, Mazda and Toyota (PPES JV, 49%) to reduce Tesla concentration. Its supply chain is vertical — NCA cathode from Sumitomo Metal Mining (world No.1, with Panasonic its largest customer), anode/separator from BTR and Enjie, lithium from LG Chem (a ₩3.76T US-bound contract) and ioneer — so localizing material sourcing is the key to IRA compliance. Risks are heavy linkage to Tesla sales and the 4680 ramp, and cell margins pressed by an EV-demand slowdown and the lithium price cycle.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target ¥4,667 · Price ¥4,480 (07-10) · Upside +4%
Analyses covering this node
- The cathode paradox: cells turned, materials did not Jul 3, 2026
- What revived the battery cycle is ESS, not EVs, and its root is again the AI datacenter Jun 24, 2026