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Japan's Panasonic is deepening its partnership with electric vehicle (EV) maker Tesla, with plans to build a battery plant in Texas, which will cost $4 billion
.
The facility is expected to supply the EV giant with new high-capacity batteries and increase Panasonic Energy's capacity to 150 to 200 GWh by FY2028 from its current level of about 50 GWh
per year.
The Japanese company, the world's third-largest producer of electric vehicle batteries after CATL and LG Energy Solutions, already operates a $5 billion gigafactory
in Nevada with Tesla.
Panasonic's choice of location for the new plant included its proximity to Tesla, which moved its headquarters to Texas last year, and favorable tax treatment
.
Oklahoma is also considered a candidate location
.
The plant is expected to employ up to 4,000 people and include a facility to research next-generation 4680 batteries, with plans to begin mass production
in 2023.
Kazuo Tadanobu, president and CEO of Panasonic Energy, said in a statement: "As the automotive market becomes more electrified, expanding battery production in the United States is critical
to help meet demand.
Our goal is to continue to drive growth in the lithium-ion battery industry and accelerate to net-zero emissions
.
”
The new planned factory is part of its push to increase investment in electric vehicle battery production — something the 104-year-old Japanese electronics giant sees as critical
to future growth.
Japan's Panasonic is deepening its partnership with electric vehicle (EV) maker Tesla, with plans to build a battery plant in Texas, which will cost $4 billion
.
The facility is expected to supply the EV giant with new high-capacity batteries and increase Panasonic Energy's capacity to 150 to 200 GWh by FY2028 from its current level of about 50 GWh
per year.
The Japanese company, the world's third-largest producer of electric vehicle batteries after CATL and LG Energy Solutions, already operates a $5 billion gigafactory
in Nevada with Tesla.
Panasonic's choice of location for the new plant included its proximity to Tesla, which moved its headquarters to Texas last year, and favorable tax treatment
.
Oklahoma is also considered a candidate location
.
The plant is expected to employ up to 4,000 people and include a facility to research next-generation 4680 batteries, with plans to begin mass production
in 2023.
Kazuo Tadanobu, president and CEO of Panasonic Energy, said in a statement: "As the automotive market becomes more electrified, expanding battery production in the United States is critical
to help meet demand.
Our goal is to continue to drive growth in the lithium-ion battery industry and accelerate to net-zero emissions
.
”
The new planned factory is part of its push to increase investment in electric vehicle battery production — something the 104-year-old Japanese electronics giant sees as critical
to future growth.
