Panasonic India to Step into the Auto Sector
The company said that it already has a good position on India’s in-car entertainment (ICE) systems market and, at the present time, is negotiating with the country’s top carmakers in order to sell its products to them. Panasonic intends to introduce these products in late 2011 and has consequently set a high financial goal.
"Going forward we are hoping to achieve sales revenue of around 1 billion dollar by 2012," Panasonic India director Operation and Planning Arjun Balakrishnan told Press Trust of India, as wheelsunplugged reports. Balakrishnan added: “the company is looking to enter the domestic automobile sector with a product such as an in-house entertainment and sensor”.
Panasonic has also entered the automotive market in other countries, such as Japan, where Panasonic Corp. and Toyota Motor Corp have formed a joint-venture in 2009 in order to produce batteries for hybrid cars. The Panasonic EV Energy Co., owned 60% by Toyota and 40% by Panasonic, intends to manufacture batteries for 200,000 vehicles annually.
Panasonic is also present on the U.S. automotive market: for example, the 2010 Acura ZDX features an advanced surround audio system developed by both companies’ engineers. The system has a power of 435 watts and includes, among others, titanium dome tweeters.
The aforementioned revenue figure is expected to be reached through sales of consumer durables and home appliances. So the automotive market isn't seen as a key segment for the company but rather as a future development direction.