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Anusuya Lahiri

Panasonic Disclosed Finalizing US Site For Tesla's New Battery Plant

  • Panasonic Holdings Corp (OTC:PCRFY) was finalizing its decision regarding the U.S. site for its new battery plant, Reuters reports citing Panasonic Energy CEO Kazuo Tadanobu at a round table event.
  • The Tesla, Inc (NASDAQ:TSLA) battery maker explored potential factory sites in Kansas and Oklahoma to supply the batteries to the U.S. EV maker's Texas plant.
  • Recently Tadanobu disclosed having shipped samples of its more powerful '4680' format electric car battery to Tesla. 
  • The 4680 format battery is five times bigger than Panasonic's current supplies, which could help Tesla cut production costs and boost vehicles' driving range.
  • The commercial production of the new battery will begin before March 2024 at its plant in Wakayama, western Japan, before the production migrates to North America.
  • Price Action: TSLA shares traded lower by 4.78% at $738.38 in the premarket on the last check Friday.
  • Photo by Don McCullough via Flickr
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