Get 40% Off
🚀 Our AI Picked 6 Stocks that Jumped +25% in Q1. Which Picks Will Soar in Q2?Unlock full list

Panasonic to quadruple EV battery production by 2030

EditorAhmed Abdulazez Abdulkadir
Published 2024-01-17, 03:24 a/m
Updated 2024-01-17, 03:24 a/m
© Reuters.

TOKYO - Panasonic (OTC:PCRFY) is gearing up to significantly expand its electric vehicle (EV) battery production capabilities with an ambitious target to increase output fourfold by the year 2030. The Japanese electronics giant is focusing on enhancing its 2170 battery cells, which are utilized in Tesla (NASDAQ:TSLA)'s Model 3 and Model Y vehicles. These improvements are aimed at offering higher energy density, a move that could potentially reduce the costs of electric vehicles.

The company's expansion plans are already in motion with construction of a new factory in De Soto, Kansas. This facility is expected to start with an initial production capacity of 30 gigawatt hours per year. The expansion strategy also includes a facility in Oklahoma, which was announced in April 2023. The Oklahoma plant will be dedicated to manufacturing the larger format 4680 cells, a strategic step in bolstering Panasonic's growth in the North American market.

Panasonic's expansion efforts are not just about scaling up production but also about innovation and efficiency. The increased energy density of its batteries could be a game-changer for the EV industry by making electric cars more affordable and accessible to a broader range of consumers.

The company is also poised to benefit from financial incentives provided by the U.S. government. Operational profit gains are anticipated as a result of subsidies from the Inflation Reduction Act, which aims to encourage companies to invest in clean energy technologies and production within the United States.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.