Sanyo Announces Intention To Focus More On Solar Power & Batteries
Sanyo announced that it plans to double its annual investment in solar power and rechargeable batteries (e.g., lithium ion) starting in 2008, according to reports from Japan. The company claims that it will spend USD $905 million over the next three years in a project to double output. A little more than half of the spending is expected to be on solar power.
Sanyo is already among the world’s largest manufacturers of solar panels and rechargeable batteries, and is expected to spend $335 million in fiscal 2007.
While focusing its investments in solar cells and batteries, Sanyo will reportedly accelerate cutbacks and entire exits from other less profitable units, such as in its "white goods" division. Sanyo also recently ceased its efforts to sell its semiconductor business, and instead will inject USD $181 million into it in such areas as equipment overhaul.