Panasonic Holdings Corporation PCRFF PCRFY has reportedly withdrawn from plans to establish a new electric vehicle battery plant in Oklahoma in the U.S.
After announcing in April its consideration of constructing a plant in Oklahoma, the battery provider for EV manufacturer Tesla, Inc. TSLA has decided not to proceed with this plan for its third facility, according to a news report by Reuters.
"After careful deliberations, we have made the decision not to move forward with developing the site," Panasonic Energy said in a statement, which Reuters notes.
Also Read: Tesla's European Presence Soars As New Registrations More Than Double
"This decision will not impact our operations in Nevada or Kansas," according to the statement.
The company also declared it has made "a long-term commitment to investing in and advancing the EV industry in the U.S." to deliver the highest-quality batteries, the report added.
The latest development follows a positive development on December 13, when the company inked a pact to purchase next-generation nano-composite silicon anode material for EV lithium-ion batteries from Sila Nanotechnologies Inc.
Panasonic Energy will procure the necessary silicon material from Sila's manufacturing facility in Washington State, U.S.
With a strategic focus on North America, Panasonic Energy is working to strengthen local supply chains in order to expand battery production there.
Price Action: PCRFF shares closed lower by 0.93% to $9.56 on Tuesday.
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