HomeIndustriesPanasonic Announces $4 Billion EV Battery Plant

Panasonic Announces $4 Billion EV Battery Plant

Panasonic Holdings Corp is currently in talks to construct a new electric vehicle (EV) battery plant in the United States. Currently, the company is considering the state of Oklahoma for the $4 billion factory’s location.

In June, Panasonic dismissed Oklahoma in favor of Kansas for another battery plant that state officials estimated would generate up to 4,000 new jobs with a $4 billion investment. The Japanese electronics giant also stated that it is considering additional factory sites in both Kansas and Oklahoma that would be used to supply batteries to Tesla’s production plant in Texas.

For over ten years, Panasonic has supplied electric vehicle batteries to EV manufacturer Tesla. The construction of the company’s new plants comes as the demand for electric vehicles undergoes a significant spike, thereby driving demand for raw materials such as cobalt and lithium as a result.

“We are examining various growth strategies for our automotive battery business, but there is no further information that we can share at the moment aside from what we have already announced,” a Panasonic spokesperson confirmed.

PCE Inflation Report Threatens to Delay Fed Rate Cuts

Investors are bracing for the release of the Personal Consumption Expenditures (PCE) report on Thursday, with markets concerned that hotter-than-expected inflation data could further...

U.S. Futures Decline Ahead of Inflation Report

Futures on the New York Stock Exchange declined on Wednesday ahead of a crucial inflation report that is expected to provide insight into the...

Stocks Hold Steady Ahead of Inflation Report

U.S. equities remained largely muted on Tuesday after reaching all-time highs as investors awaited the release of a crucial inflation report. The PCE index,...