Sanyo increasing hybrid car battery production

Sanyo plans to raise production of its NiMH batteries used in hybrid vehicles. By the end of 2005, Sanyo will be producing enough batteries for 10,000 cars per month.

At this time, Sanyo supplies most on its batteries to Honda, for the Accord hybrid, the Civic hybrid, and the Ford Escape hybrid.

In a press release, a Sanyo spokesman said, "There are only two major players and we are still relatively small. But we plan to ramp up production and eventually grab the half the market."

Sanyo is forecasting huge growth in this sector and it sees it as a multibillion dollar industry in just the next couple of years.