The outgoing Chief Executive Officer of electronics company Panasonic Corp. (TYO: 6752) Kazuhiro Tsuga said there is need for the Japan based company to reduce its reliance on leading electric vehicle manufacturer Tesla Inc. (TSLA).
Tsuga says one of the ways the company can go about this is by making batteries which will be compatible with other electric vehicle manufactures across the world. The CEO made these sentiments during an interview with Financial Times.
“At some point, we need to graduate from our one-legged approach of relying solely on Tesla,” said Tsuga.
Tsuga will be stepping down from the CEO position come April 1. He has held the position for almost a decade.
During November last year, Panasonic said Tsuga will be stepping down from the position he has served for nine years. Following his exit, the head of Panasonic’s automotive unit Yuki Kusumi will be succeeding him.
“We are entering a different phase and we need to keep an eye on supplying manufacturers other than Tesla,” added Tsuga.
One of his major accomplishments at the helm of the company is that under Tsuga’s leadership Panasonic managed to shift its focus away from rom low-margin consumer electronics to batteries, components and factory machines.