Hitachi Ltd. forecast its sales of lithium-ion batteries for hybrid cars will reach ¥100 billion in the year ending in March 2016.
Tokyo-based Hitachi, which in March 2008 won an order to supply the batteries for General Motors Corp. cars, is spending ¥15 billion to increase monthly production to 300,000 cells this fall, the company said in a statement Friday, declining to disclose current sales of the devices.
Automakers GM, Ford Motor Co., Honda Motor Co. and Toyota Motor Corp. are racing to develop affordable and reliable power sources, anticipating rising demand for fuel-efficient vehicles. Hitachi estimates the market for "new energy" will total ¥1.1 trillion in 2025.