Tesla Supplier Plans Second EV Battery Facility In US: Report

Tesla Supplier Plans Second EV Battery Facility In US: Report
  • Tesla Inc TSLA battery supplier Panasonic Holdings Corp PCRFF would plan a second EV battery plant in the U.S., Bloomberg reported, citing Shoichiro Watanabe, chief technology officer of Panasonic Energy.
  • The company aims to accelerate its EV battery capacity by three to four times by the end of FY2029.
  • Panasonic recently broke new ground for its $4 billion factory in De Soto, Kansas.
  • RelatedTesla Supplier To Commence Kansas EV Battery Plant Construction In November
  • The report added that the Kansas facility is expected to only increase Panasonic's battery output by about 60% to 80 gigawatt hours.
  • It is looking to boost its battery capacity to meet increased demand from electric-vehicle makers, including Tesla.
  • "There's plenty of demand in North America," the report quoted Watanabe. "Batteries are becoming a key device for national energy security."
  • U.S. President Joe Biden's $437 billion Inflation Reduction Act aims to bring more EV supply chains to the U.S.
  • Price Action: PCRFF shares closed higher by 2.07% at $8.88 on Tuesday.
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