- 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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