Tesla Supplier To Commence Kansas EV Battery Plant Construction In November

Author: Anusuya Lahiri | October 31, 2022 06:48am

Tesla, Inc (NASDAQ: TSLA) battery supplier Panasonic Holdings Corp (OTC:PCRFF) (OTC:PCRFY) aimed to start building a new battery plant in Kansas in November, with mass production by March 2025.
Panasonic's picked Kansas as the site for a new plant to supply batteries primarily to Tesla, joining other battery suppliers planning massive U.S. investments to qualify for new EV tax credit rules and tap its enormous demand, Reuters reports.
Kansas state officials said the new factory would create up to 4,000 jobs with an investment of up to $4 billion.
Also Read: This Tesla Supplier Pulls Brakes On US, Mexico EV Battery Investment
Panasonic said the factory would produce its 2170 model lithium-ion battery cells for electric vehicles.
Panasonic cut its full-year operating profit forecast to 320 billion yen ($2.16 billion) from 360 billion yen.
Panasonic posted an 11% drop in second-quarter operating profit to 86.1 billion yen ($582.5 million).
Panasonic has said that, by 2029, it plans to expand its battery production capacity by three to four times, with most of the increase in North America.
Panasonic also discussed building an additional $4 billion EV battery plant in the U.S.
Panasonic eyed Oklahoma as the location for its new plant.
Tesla supplier Contemporary Amperex Technology Co Ltd had launched an EV battery 13% more potent than Tesla's 4680 battery to be made by Panasonic.
Price Action: TSLA shares traded lower by 1.21% at $225.75 in the premarket on the last check Monday.