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Home | Green Cars News | Business | Panasonic Buys Majority Stake in Sanyo for $4.6bn

Panasonic Buys Majority Stake in Sanyo for $4.6bn

11 December, 2009 06:26:00

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Panasonic has acquired a 50.19% stake in rival Sanyo Electric for $4.6bn, strengthening its position in the growing market for solar cells and rechargeable-batteries for electric and hybrid-electric vehicles.

While Panasonic runs a joint venture with Toyota to produce hybrid car batteries for Toyota's Prius hybrid, Sanyo currently supplies nickel-metal hydride batteries to Honda and Ford for vehicles sold in the North American market and reportedly plans to supply Toyota as well.

Sanyo has also agreed on joint lithium-ion battery development with German's Volkswagen AG.

Last month the company made a deal to supply nickel-metal hydride batteries for PSA Peugeot Citroen Group's diesel-electric hybrid cars starting in 2011.

The takeover, delayed by slow regulatory approval, will also increase Panasonic’s share of the rechargeable battery market to 38% from 10% this year.

Sanyo is also a major manufacturer of solar cells and Panasonic offers fuel cells, enabling the new Panasonic group to offer a wider lineup of energy-producing and energy-storage alternatives to petroleum.

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