# Who are Panasonic Energy's customers? Who does Panasonic Energy earn revenue from?
Canonical: https://valuechain.wiki/panasonic-energy · Facet: customers · Updated: 2026-07-12T04:15:03.162+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Panasonic Energy's confirmed revenue counterparties include Tesla, Mazda plus 2 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 4 revenue edges, backed by 8 dated sources, 2 of them primary filings (as of 2026-07-12).

### Toyota·Subaru (PPES JV) (high)
- metric: ownership 49% · 2020~ · Panasonic stake in PPES
- note: JV PPES (Toyota 51% / Panasonic 49%) makes prismatic automotive cells for Toyota bZ4X, Lexus RZ and Subaru Solterra; an equity-JV relationship.
- [confirms] Prime Planet Energy & Solutions (EN, ir, published 2025-10-09) https://www.p2enesol.com/en/news/20251009/: "Begins Mass Production of New BEV Battery at Himeji Plant"
- [confirms] Toyota Motor Corporation (EN, ir, published 2020-02-03) https://global.toyota/en/newsroom/corporate/31477926.html: "Joint Venture Specializing in Automotive Prismatic Batteries"

### Tesla (high)  → /tesla.md
- metric: capacity 41 GWh · 네바다 · Nevada 2170 cell capacity
- note: Anchor customer. Makes 2170 cells at Gigafactory Nevada (~41 GWh) for Tesla Model 3/Y, preparing 4680 at Wakayama; Kansas plant also makes 2170. Tesla revenue share undisclosed.
- [confirms] Panasonic North America (EN, ir, published 2025-07-14) https://na.panasonic.com/news/panasonic-energy-begins-mass-production-at-new-automotive-lithium-ion-battery-factory-in-kansas-aiming-for-annual-capacity-of-32-gwh-to-accelerate-us-local-production: "the Nevada Factory, which has been operating since 2017 with the current annual capacity of approximately 41 GWh"
- [confirms] Panasonic Holdings (EN, filing, published 2025-05-09) https://news.panasonic.com/global/press/en250509-4: "Sales decreased by 5% to 873.2 billion yen from a year ago"

### Lucid Group (high)
- note: Multi-year supply for Lucid Air and the Gravity SUV; Gravity uses Panasonic's latest-generation 2170 cells.
- [confirms] electrive (EN, news, published 2025-01-08) https://www.electrive.com/2025/01/08/lucid-gravity-uses-2170-cells-from-panasonic/: "Lucid uses the latest generation of 2170 battery cells from Panasonic Energy"
- [confirms] Panasonic North America (EN, ir, published 2022-12-13) https://na.panasonic.com/news/panasonic-energy-and-lucid-group-announce-agreement-to-supply-lithium-ion-batteries-for-lucid-air-luxury-evs: "agreed to supply batteries for Lucid full vehicle line-up, including the Lucid Air and upcoming Gravity SUV"

### Mazda (high)  → /mazda-motor.md
- note: 2024 agreement for cylindrical automotive Li-ion cells, made in Japan and North America for Mazda BEVs launching late this decade.
- [confirms] Panasonic (EN, ir, published 2024-03-29) https://news.panasonic.com/global/press/en240329-2: "supply of cylindrical automotive lithium-ion batteries"
- [confirms] Mazda / Panasonic Energy (EN, filing, published 2024-03-29) https://newsroom.mazda.com/en/publicity/release/2024/202403/240329a.html: "Enter Agreement Towards Supply of Cylindrical Automotive Lithium-ion Batteries"

Reverse side: https://valuechain.wiki/panasonic-energy/suppliers.md · Ripple: https://valuechain.wiki/panasonic-energy/ripple.md

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