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Report: Sanyo hinges hope on battery biz

Posted: 23 Nov 2007 ?? ?Print Version ?Bookmark and Share

Keywords:battery business? Li-ion? solar cell?

Rebounding from years of being in the red, Sanyo Electric will increase investment in its battery business to ensure its survival.

This is according to an Agence France-Presse report, which cited the Nikkei business daily as saying that the company plans to spend about $910 million to boosts is production of Li-ion batteries used in notebooks and cellphones.

The company targets to increase sales of Li-ion and other rechargeable batteries by 50 percent to reach more than $4.12 billion and double the sales of solar cells to $1.1 billion by March 2011. Sanyo is set to start mass-producing next-generation lithium batteries for hybrid cards and invest about $1 billion on solar-battery operations, Nikkei said.

The Japanese electronics company will also spend $183 million to renovate its semiconductor, which it failed to sell.

Sanyo spokesman Masatsugu Uemura declined to comment on the report but said the company will make announcement on its three-year plan on Nov. 27.

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