Tesla Supplier Plans Second EV Battery Facility In US: Report

Author: Shivani Kumaresan | November 16, 2022 06:38am

Tesla Inc (NASDAQ:TSLA) battery supplier Panasonic Holdings Corp (OTC: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.
Related: Tesla 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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