- Panasonic Holdings Corp (OTC:PCRFY) reportedly plans production expansion of electric vehicle batteries at a factory in Nevada, jointly operated with its largest customer, Tesla, Inc. (NASDAQ:TSLA).
- Tesla recently said it would “buy as much as [Panasonic] can make,” Nikkei reported, citing an executive at Panasonic.
- The executive further added that the facility is “already crammed,” but they can add just one more production line.
- Panasonic Energy, an affiliate of Panasonic Holdings, is expected to install a 15th production line at Gigafactory Nevada, scheduled to begin operation in one to two years.
- The annual production capacity at the facility is projected to boost by around 10% to 39 gigawatt-hours (GWh) from the current 38 GWh, which will suffice for 500,000 to 700,000 Tesla Model 3s.
- Notably, Panasonic aims to quadruple EV battery production capacity by 2030.
- Also Read: Tesla Supplier Panasonic Eyes Two Or More Battery Plants In North America By 2030: Report
- By securing enough batteries, Tesla aims to reduce battery costs by 30-50% over the long term.
- Last month, Panasonic stated its plans to slow down the production of its 4680 battery cells, which have a power capacity up to five times higher than its mainstay 2170-type batteries, to improve the performance.
- Price Action: PCRFY shares closed higher by 2.90% at $11.37 on Monday.
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