Panasonic Energy is in discussions with Indian Oil to potentially form a joint venture for the production of electric vehicle (EV) batteries in India. This interest in the Indian market follows the announcement that Tesla Giga Berlin will be producing cars for the country.
The proposed joint venture aims to meet the increasing demand for batteries for two and three-wheeler vehicles and energy storage systems in the Indian market. Panasonic Energy and Indian Oil are planning to conduct a feasibility study to explore potential applications for battery technologies in India.
The companies anticipate completing their research and discussions by the summer of 2024. Meanwhile, reports indicate that Tesla is planning to export vehicles to India later this year and has embarked on a challenging project for the EV company.
In a bid to set up a gigafactory in India, Tesla is reportedly looking to invest $2 billion in the country and has initiated a search for potential factory sites. If these reports are accurate, suppliers like Panasonic Energy might also be considering opportunities for collaboration in India.
In conclusion, Panasonic Energy and Indian Oil are exploring the possibility of a joint venture to produce EV batteries in India, while Tesla is making plans to enter the Indian market by exporting vehicles and investing in a gigafactory. These developments indicate a growing interest in India’s EV market and potential opportunities for collaboration and investment.