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Japanese giant <keyword id="283690" type="COMPANY" weightage="20" keywordseo="Panasonic-Corporation">Panasonic Corporation</keyword>, and auto component manufacturing firm Minda Industries Ltd, have entered into a partnership to develop, manufacture and sell lead acid storage batteries in the country. 
	 
	The firms, through their joint venture company, want to harness the potential of the rapidly growing market of lead acid storage batteries for both two and four wheeler vehicles in India—this by leveraging Panasonic’s technology as well as the consumer base of the parent companies. 
	 “Panasonic started the production of lead acid storage batteries in 1937. Since then, we have consistently responded to requirements of various customers and achieved steady progress. We believe our technology over the years will contribute to development of the industry of lead acid storage batteries in India through the joint venture company with UNO MINDA”, said <keyword id="2249307" type="PERSON" weightage="20" keywordseo="Yoshio-Ito">Yoshio Ito</keyword>, senior managing director of Panasonic. 
	 Talking about the battery market in India, <keyword id="1054406" type="UNKNOWN" weightage="20" keywordseo="Nirmal-K-Minda">Nirmal K Minda</keyword>, CMD, <keyword id="1054403" type="UNKNOWN" weightage="20" keywordseo="Uno-Minda">UNO MINDA</keyword> stated, “The battery market in India is experiencing rising demand from various sectors, thereby providing immense opportunities for manufacturers to grow and operate in the market lucratively. Having strong footprint in India and with technical support of Panasonic, we believe UNO MINDA will be able to serve customers in multifarious ways.” 
	 
	The companies are planning to establish the new joint venture company on November 1, 2014 in Delhi. The company will have 3 members from Panasonic and two from Minda on board. The equity structure of the company has Panasonic as the major partner with 60% stake and the remaining 40% lies with Minda. The company aims to have a production capacity of two million units by 2018 with employee strength of 500 people. The firm will be headed by Japanese executive Takashi Komo. 
	 
	Currently, Panasonic has production bases in its home country Japan, Thailand and China. With the launch of the new company, the firm aims to expand overseas operations of its business.

Panasonic Expands In Overseas Markets, Ties Up With Minda To
Launch New Company

<div class="KonaFilter image-container display-table"><div><div class="image on-image">OracleOracle founder, CTO, and executive chairman Larry Ellison.</div></div></div><ul class="summary-list"><li><a href="https://www.businessinsider.com/category/oracle">Oracle</a> founder, CTO, and executive chairman <a href="https://www.businessinsider.com/category/larry-ellison">Larry Ellison</a> defended <a href="https://www.businessinsider.com/category/tesla">Tesla</a> CEO <a href="https://www.businessinsider.com/category/elon-musk">Elon Musk</a> during an analyst meeting on Thursday and said Tesla is his second-biggest investment, <a href="https://www.bloomberg.com/news/articles/2018-10-26/oracle-s-ellison-says-tesla-is-his-second-biggest-investment">Bloomberg</a> reports.</li><li>Ellison reportedly criticized media coverage of Musk, who has attracted controversy in recent months.</li><li>"He's landing rockets on robot drone rafts in the ocean," Ellison reportedly said. And you're saying he doesn't know what he's doing. Well, who else is landing rockets? You ever land a rocket on a robot drone? Who are you?" </li></ul> <a href="https://markets.businessinsider.com/stocks/orcl-stock">Oracle</a> founder, CTO, and executive chairman Larry Ellison defended <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> CEO Elon Musk during an analyst meeting on Thursday and said Tesla is his second-biggest investment, <a href="https://www.bloomberg.com/news/articles/2018-10-26/oracle-s-ellison-says-tesla-is-his-second-biggest-investment">Bloomberg</a> reports. Ellison's comments came a day after Tesla posted a <a href="https://www.businessinsider.com/tesla-q3-earnings-revenue-model-3-2018-10">surprise profit</a> during the third quarter, beating analysts' expectations."Tesla has a lot of upside," Ellison reportedly said.Ellison reportedly criticized media coverage of Musk, who has <a href="https://www.businessinsider.com/tesla-challenges-in-2018-2018-4">attracted controversy</a> in recent months by making an <a href="https://www.businessinsider.com/elon-musk-british-cave-diver-pedo-feud-thai-cave-rescue-2018-7">unsupported accusation</a> of pedophilia against a British diver who criticized him, <a href="https://www.businessinsider.com/elon-musk-smokes-weed-on-joe-rogan-experience-podcast-2018-9">smoking marijuana</a> during an interview with Joe Rogan (recreational use of Marijuana is legal in California, where the interview was filmed), and sending tweets about the possibility of taking Tesla private that <a href="https://www.businessinsider.com/sec-settles-with-elon-musk-legal-experts-react-2018-9">led to a lawsuit</a> from the Securities and Exchange Commission. Ellison reportedly defended Musk, citing the accomplishments of Musk's rocket company, SpaceX, which has built rockets that can land on platforms in the ocean."He's landing rockets on robot drone rafts in the ocean," Ellison reportedly said. "And you're saying he doesn't know what he's doing. Well, who else is landing rockets? You ever land a rocket on a robot drone? Who are you?" Ellison reportedly acknowledged some of Tesla's manufacturing difficulties, but pinned them on Panasonic, which makes battery cells for Tesla's vehicles."Are there problems? Yeah, there's huge problems with Panasonic because you're trying to get these batteries to work and your primary cell manufacturer is having problems," Ellison reportedly said.Yoshio Ito, Panasonic's automotive head, told <a href="https://www.bloomberg.com/news/articles/2018-09-26/tesla-gets-panasonic-s-help-with-ahead-of-schedule-battery-plant">Bloomberg</a> in September that Panasonic was responsible for bottlenecks at Tesla's Gigafactory in Sparks, Nevada, where the automaker makes battery packs and drive units."The bottleneck for Model 3 production has been our batteries," Ito said. "They just want us to make as many as possible."The production issues Tesla has experienced since launching the Model 3 sedan in July 2017 have also been attributed to excessive automation at the Fremont, California, factory where it assembles its vehicles. Musk <a href="https://www.businessinsider.com/elon-musk-says-model-3-production-mistake-was-using-robots-2018-4">acknowledged</a> in April that Tesla had attempted to automate too many production tasks at the Fremont factory and said it would use more human workers in the assembly process.Tesla announced on Wednesday that it had posted the most profitable quarter in its history. The automaker beat Wall Street expectations by posting adjusted earnings of $2.90 per share on $6.8 billion in revenue. Analysts had expected adjusted earnings of -$0.15 per share on revenue of $6.315 billion. The automaker was also cash flow positive during the quarter, recording $881 million in free cash flow.Have a Tesla news tip? Contact this reporter at <a href="mailto:mmatousek@businessinsider.com" target="_blank" rel="noopener">mmatousek@businessinsider.com</a>.Get the latest Tesla stock price<a href="http://markets.businessinsider.com/stock/TSLA-Quote"> here.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/science-behind-mounting-tires-controlled-explosion-setting-tire-bead-fire-lighter-fluid-2018-9">The science behind the viral videos of mounting tires with a controlled explosion</a></h3> <div> </div> </div>

Larry Ellison slams media's coverage of Elon Musk and says Tesla is his second-largest investment: Report

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Panasonic Expands In Overseas Markets, Ties Up With Minda To Launch New Company

Purba Das

Larry Ellison slams media's coverage of Elon Musk and says Tesla is his second-largest investment: Report

Mark Matousek

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