Japanese electronics group Panasonic will build a new battery factory for Tesla. The group is investing a total of four billion dollars in the new location and is also creating 4,000 new jobs.
Electronics group Panasonic will build a new battery factory together with electric car maker Tesla. This time, the Japanese company has chosen the US state of Kansas as its new location. Another production facility is already in Nevada.
As a news organization Reuters reports, Panasonic is investing a total of four billion US dollars in a new battery factory. In addition, the construction of the new location is expected to create up to 4,000 jobs.
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Panasonic battery factory wants to supply Tesla with bigger batteries
According to Tesla CEO Elon Musk, the carmaker is having trouble increasing its battery production. Therefore, the production of the car is limited. He described Tesla’s factories in Texas and Berlin as huge money-burners that will lose billions of dollars.
Panasonic’s new battery factory is meant to fix this in the future. Production also aims to provide Tesla with a larger battery, known as the Model 4680.
“With the increasing electrification of the automotive market, expanding battery production in the United States is necessary to meet demand,” said Kazuo Tadanobu, President of Panasonic Energy.
Panasonic has not yet made any firm decisions about how many batteries will be produced at the new factory and how many workers will be employed.
Other manufacturers are building battery factories in the United States
Other battery manufacturers also want to expand their production in the United States. This is part of an industry trend aimed at managing the expected growth of electric vehicles, according to Reuters. In addition, the dependence on production in China and related supply chain risks should be reduced.
For Panasonic, however, this also means strong competition – also regarding Tesla. Because although the electric car maker has already built a factory in Nevada with a Japanese group, he expanded the network of distributors Chinese and Korean battery manufacturers.
However, the Japanese electronics group does not want to limit itself to Tesla production. Meanwhile, the new Kansas location will also house a research department that will focus on the production of next-generation batteries.
By 2029, Panasonic intends to increase battery production capacity three to four times. Most of the expansion will come from North America.