While the EV king, Tesla Inc (NASDAQ:TSLA) reported another quarterly record in deliveries, strategic advances keep on happening in the EV world. On Wednesday, Stellantis N.V. (NYSE:STLA) revealed the first of its four new EV platforms. Toyota Motor (NYSE:TM) made another big EV battery promise while Tesla supplier, the battery arm of Panasonic Holdings Corporation (OTC:PCRFY), revealed it will be needing four more battery plants. Worksport Ltd (NASDAQ:WKSP) whose solar-powered tonneau cover Solis and remote battery system COR promise to contribute a great to the EV revolution made a strategic partnership to propel federal grants acquisitions.

Worksport’s New Partnership

With the U.S. government providing abundant incentives to support the EV development, Worksport will be benefiting from McAllister & Quinn’s expertise in identifying, strategically planning and pursuing such federal funding opportunities that support its strategic priorities and goals. Worksport is already on track, having a fully owned facility in the U.S. for which it is in process of obtaining the ISO 9000 certification of operational excellence. Hyundai is among the first automakers who gained the right to use Worksport’s groundbreaking solar-powered tonneau cover Solis for its Santa Cruz pickup.

Panasonic Needs Four More EV Battery Plants

Technology chief of Panasonic Energy, Shoichiro Watanabe, told Reuters that the company will be needing four more factories to reach its target for a sharp boost in annual capacity of batteries for electric vehicles by 2031. The Tesla supplier said back in May it aimed to boost annual EV capacity to 200 gigawatt hours (GWh) by early 2031, which equates to about four times its capacity in March this year. Back in March, Japan and the U.S. struck a deal to widen access for U.S. EV tax credits. Consequently, Panasonic showed its North America focus as it aims to boost production of the newest battery cells championed by Tesla. Elon Musk, building up its production capacity to 4680 batteries.

Tesla suppler previously it said it planned to build at least two new factories for 4680 production in North America by the end of the decade. The four new plants will be within a battery supply chain built upon the concept of "local production for local consumption".

Given the size of investment required, Panasonic is not rulling out the possibility of a joint battery venture with Mazda as part of a supply partnership the companies that is expected to get signed this year with battery supply expected after 2025.

The Unveiling Of STLA Medium

Two years after Stellantis announced its products under the Dare Forward 2030 strategy, it unveiled the STLA Medium EV platform is designed to host a range of EVs, crossovers, and SUVs. Electric models based on this 400V electric architecture can charge from 20% to 80% in 27 minutes with output in the range from 160 kW to 285 kW. Along with STLA Medium, Small, Large and Frame are the four new dedicated BEV platforms supported by the company’s €30 billion investment in electrification software.

Toyota Ambitiously Promises To Halve Battery Cost And Size

Following a breakthrough in solid-state battery technology, Keiji Kaita, president of Toyota Motor (NYSE:TM) R&D center for carbon neutrality emphasized Toyota’s intention to make batteries smaller, lighter and less expensive. Toyota plans to commercialize its EV technology by 2027. Toyota is also working on the technology with Panasonic as part of their joint battery venture.

While Tesla continues to be the undebatable EV king who does everything in-house, powerful synergies its rivals are making through strategic alliances could threaten its throne, certainly not tomorrow, but not too long from now.

DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.