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Panasonic Holdings Corporation (OTC:PCRFY) (PTC: PCRFF) is reportedly pursuing its expansion plans in the U.S., aiming to establish a third electric vehicle (EV) battery plant. This development follows the company's decision last year to reportedly cancel a tentative project in Oklahoma.
Allan Swan, president of Panasonic Energy of North America, speaking at the CES electronics trade show in Las Vegas, emphasized Panasonic's goal to boost its annual production capacity significantly, reported Nikkei Asia.
From the current 50 gigawatt-hours, the company aims to reach 200 gigawatt-hours by 2031. While Oklahoma remains a potential site, the search for the ideal location continues, the report noted.
Panasonic, with an existing facility in Nevada and another under construction in Kansas, is yet to finalize the details of this new venture. According to Swan, major announcements relating to this investment are likely to be made in fiscal year 2024.
The decision to halt the Oklahoma project was not influenced by a slowdown in the EV market, contrary to some speculations.
As per the report, Swan clarified that demand for Panasonic's products remains strong, with a particular focus on the U.S. market due to favorable incentives. The move away from Oklahoma was part of a strategy to explore other promising customer relationships.
Price Action: PCRFY shares closed higher by 1.62% at $10.02 on Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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