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Panasonic to Build Second Battery Plant for Tesla in U.S. - Report

Stock Markets Jul 13, 2022 13:44
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By Michael Elkins

Nikkei Asia has learned that Panasonic (OTC:PCRFY) will be investing "several billion dollars" in a second U.S. electric vehicle battery factory in Kansas to supply a new high-capacity battery for Tesla (NASDAQ:TSLA).

Panasonic's move comes as competitors from China, South Korea and Europe ramp up investment in additional production. The decision also follows Tesla’s April opening of a second EV factory in Texas.

Increasing production demands from Tesla were likely a factor in the decision for a new U.S. plant, along with Panasonic's progress on the new technology.

The site of the new facility was picked based on factors including its proximity to Texas and favorable tax treatment.

The Japanese company aims to massively increase EV battery production capacity, tripling or even quadrupling production by 2028. The company’s current production is roughly 50 gigawatt-hours per year.

Panasonic to Build Second Battery Plant for Tesla in U.S. - Report
 

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Comments (1)
Hitesh Waghela
Hitesh Waghela Jul 14, 2022 3:15
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Why not Tesla Launch small utilityelectric Vehicle in India which has huge market in Numbers nearly 80% . It will reduced Carbon footage in India and. Tesla should ask for carbon credit for its vehicle project in India. It should put case before govt in that fassion and Not only India but it should focus on whole Asian Market and Kepp mfg hub in India. Tamil Nadu, Gujarat and Maharshtra is prime location for it.
 
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