© Reuters. FILE PHOTO: Panasonic Corp President Tsuga attends a joint press conference with Toyota Motor Corp President Toyoda in Tokyo
(Reuters) – Panasonic (OTC 🙂 Corp. outgoing chief executive officer Kazuhiro Tsuga said the company needs to reduce its heavy reliance on Tesla (NASDAQ 🙂 Inc by improving battery compatibility with electric vehicles from other global automakers, reported the Financial Times Sunday.
"At some point we have to end our one-legged approach of relying solely on Tesla," Tsuga, who will step down as CEO from April 1 after nine years, told the newspaper in an interview.
"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 after nine years at the helm in April and that Yuki Kusumi, head of the automotive business, would take over the post.
Under Tsuga's leadership, Panasonic has shifted its focus from low-margin consumer electronics to batteries, factory machinery and components. The company announced last month that Tesla's battery business will be profitable this fiscal year.
Panasonic has partnered with Tesla in a $ 5 billion battery "Gigafactory" near Reno, Nevada.
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