TOKYO, March 4 – Japan’s Panasonic Corp. (6752.T) is looking to buy land in the United States for a mega-factory to produce a new type of electric vehicle battery (EV) for Tesla Inc (TSLA.O), it said on Friday. the public operator NHK.
Panasonic is considering building a multibillion-dollar plant in Oklahoma or Kansas near Texas, where Tesla is preparing a new plant for electric vehicles, NHK reported. NHK did not give a schedule for the American project of Panasonic.
NHK does not cite the source of its information. Panasonic said the reported plan was not something he announced.
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A long-standing supplier to Tesla, Panasonic said it plans to begin mass production of a new type of lithium-ion battery for Tesla before the end of March 2024 with two new production lines at its plant in western Japan’s Wakayama.
The 4680 battery (46 millimeters wide and 80 millimeters high) is about five times larger than the one currently supplied by Tesla, which means that the American carmaker will be able to reduce production costs and improve the mileage of vehicles. funds.
Panasonic’s relationship with Tesla stretches back more than a decade, when Tesla signed an agreement that made the Japanese company a key supplier of batteries.
Since then, Tesla has increased production and diversified its supply chain to other companies, including Chinese manufacturers of cheaper lithium iron phosphate (LFP) power packs such as Contemporary Amperex Technology Co. (CATL) (300750.SZ).
South Korea’s LG Energy Solution Ltd (373220.KS) also plans to produce 4,680 batteries, Reuters sources said last year.
Shares of Panasonic fell 3% in morning trading in Tokyo compared to a decline of 2.5% for the broader Nikkei 225 index.
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Report by Chang-Ran Kim and Tim Kelly; Edited by Leslie Adler, Cynthia Ostermann and Edwina Gibbs
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