Panasonic is joining the high-growth electric vehicles market, with plans to invest nearly $4.9 billion in automotive batteries, supply chain software, and cyber-physical systems, among others.

The Japanese company said that to achieve its future goals, the group is to invest 400 billion yen (nearly $3.26 billion) in “growth areas” and 200 billion yen (about $1.63 billion) in “technology pillars” respectively in three years, from fiscal 2023 to 2025.

As part of the company’s medium and long-term growth strategy, it will invest in the automotive battery area, supply chain software area, air quality and air conditioning area, hydrogen energy and CPS (cyber physical system), it said in a statement

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“While maintaining financial discipline, the group is to make group-wide strategic investments with the cash generated through enhancement of competitiveness, as well as the investments made by each operating company,” the company added.

It is also targeting an accumulated operating profit of 1.5 trillion yen over the period.

The group aims to reduce the impact of over 300 million tonnes of CO2, which are equal to approximately 1 percent of total global emissions (as of today) by 2050.

Last year, the company closed a $7 billion acquisition deal with supply chain AI software provider Blue Yonder.

Earlier, Panasonic formed a joint venture with Toyota that specializes in automotive batteries.

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