GS Yuasa President Makota Yoda said they plan to boost annual lithium-ion battery production more than 30 fold by 2016.  Targeting a sales total of $1.1 billion by 2016, the Japanese company is talking with additional overseas EV makers to line up more sales.

The report coming from Reuters also suggests that the GS Yuasa joint venture with Mitsubishi Motors may result in additional sales for the company as early as next year. 

GS Yuasa is currently the world's third largest lithium-ion battery producer and hopes to increase sales by counting on strong growth in the hybrid and full electric vehicle segments.  They believe that government subsidies and a growing concern for the environment will lead additional automakers to produce EVs and hybrids in need of lithium-ion batteries.

The Japanese based company is in talks with undisclosed automakers from the United States, Europe, and additional local automakers in Japan.

The company has already lined up Mitsubishi and Honda for battery sales.  The venture with Mitsubishi, called Lithium Energy Japan, is partially owned by GS Yuasa, Mitsubishi Corp, and Mitsubishi Motors.  The joint venture with Honda will result in GS Yuasa making li-ion batteries for Honda hybrids starting next year.

By 2012, GS Yuasa hopes to begin selling batteries to additional automakers.  In anticipation of growth, the company is building an additional manufacturing facility with the capability of producing 15,000 units per year.

With a growing market for lithium-ion batteries, one begins to wonder if there is enough supply.  For information about lithium reserves and the possibility of a shortfall in lithium, please read our article titled "No Looming Lithium Shortage For EVs."