Panasonic's battery installations are growing slowly, and it is highly dependent on Tesla

Panasonic's installed capacity of power batteries in 2023 reached 44.9GWh, a year-on-year increase of 26%, but the growth rate was lower than the industry average. This caused its market share to drop from 7% in 2022 to 6.4%. Panasonic's batteries are mainly supplied to Tesla, so most of the batteries produced in North America are supplied to Tesla. In order to meet market demand, Panasonic plans to build two new factories to produce 2170 batteries and 4680 batteries respectively.