Japan’s Sanyo Electric (SANYY.PK) announced plans to double annual production of AA and AAA rechargeable batters, citing an increase in customer preference for the economically and environmentally friendly option, according to a Reuters report.
The company said it plans to expand production of the nickel-metal hydride rechargeable batteriers to 50 million a year from its existing plant, beginning in the current business year, which began April 1.
Reuters said the company’s shares rose 5.5% on release of the news.
Sanyo is the world’s largest maker of lithium-ion batteries, used in personal computers, mobile phones and other electronics. Automakers around the world are planning to transition to lithium-ion batteries in hybrid and plug-in hybrid vehicles, because they offer dual benefits of more power and decreased size.
Sanyo is currently restructuring with the assistance of shareholder Goldman Sachs and aims to raise sales from its rechargeable battery and solar cell operationsby 50% to US$5.6 billion within three years.
Loading...