Panasonic Energy Co. and Lucid Group declared on December 13 a multi-year electric vehicle battery supply agreement for Lucid’s full vehicle line-up, as per Automotive World.
“Panasonic is a fantastic partner with both innovative technology and depth of experience. 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.”
Peter Rawlinson, Lucid’s CEO and CTO
Purpose of the deal
The Japanese multinational electronics company is committed to supplying li-ion batteries for Lucid Air and the highly anticipated Lucid Gravity SUV under the terms of the deal.
Where would the production take place?
Panasonic will initially use its factory in Japan to produce li-ion batteries for Lucid Group. However, the under-development battery manufacturing facility in De Soto, Kansas, is also anticipated to produce them in the fiscal year 2024.
“With the increased electrification of the automotive market, partnerships with technology-leading EV manufacturers such as Lucid are critical to our mission. This partnership will help us drive growth of the lithium-ion battery industry and accelerate the world towards a net-zero emissions future.”
Panasonic’s President and CEO Kazuo Tadanobu
Notably, the partnership represents yet another significant breakthrough in Panasonic’s efforts to expand its li-ion battery production to the United States. Apart from that, this significant alliance will aid the increasing EV demand in the country.
