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Panasonic and Lucid Announce Agreement to Supply Lithium-Ion Batteries for Lucid Air Luxury EVs

Global leader in lithium-ion batteries, Panasonic Energy, has agreed to supply batteries for Lucid’s full vehicle line-up, including the Lucid Air and upcoming Gravity SUV

Panasonic Energy Co., Ltd., a Panasonic Group company, and Lucid Group, Inc (NASDAQ: LCID)¬†announced they have entered into multi-year agreements to supply batteries for Lucid’s luxury electric vehicle, Lucid Air, the fastest-charging, longest range EV on the market, and Lucid’s upcoming Gravity SUV. The agreement marks another milestone in Panasonic’s plans to expand production of lithium-ion EV batteries beyond Japan and into the U.S. with production coming from both a facility in Japan, as well as expected future production from its recently announced battery production facility in De Soto, Kansas.

“Panasonic is a fantastic partner with both innovative technology and depth of experience,” said Peter Rawlinson, Lucid’s CEO and CTO. “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.”

“With the increased electrification of the automotive market, partnerships with technology-leading EV manufacturers such as Lucid are critical to our mission,” said Kazuo Tadanobu, President, CEO of Panasonic Energy Co., Ltd. “This partnership will help us drive growth of the lithium-ion battery industry and accelerate the world towards a net-zero emissions future.”

Panasonic Energy is a global leader in lithium-ion batteries, with a 100-year history of innovation in batteries spanning both battery cell technology and battery business operations. Panasonic Energy plans to expand its production of EV batteries, as the automotive industry shifts to more sustainable electric technologies. The company has contributed to achieving greater efficiency and economies of scale necessary to drive this transformation, and this partnership and the planned facility in Kansas supports the company’s commitment to contribute to society by reducing global carbon emissions.

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