Tesla's Battery Supplier Panasonic is Close to Selecting the Site of its New U.S. Battery Plant
【Summary】In March, Japan's public broadcaster NHK reported that Panasonic Corp was looking to purchase land in the United States for a "mega-factory" that will churn out advanced electric vehicle batteries for electric automaker Tesla. Now after two months, the Japanese company is reportedly close to selecting which U.S. state will be the home of its new factory.
In March, Japan's public broadcaster NHK reported that Panasonic Corp was looking to purchase land in the United States for a "mega-factory" that will churn out advanced electric vehicle batteries for electric automaker Tesla. Now after two months, the battery maker is reportedly close to selecting which U.S. state will be the home of its new factory, a top executive at the company said on Friday.
"We've been making various considerations, but we are starting to evaluate," Panasonic's Energy Chief Executive Officer Kazuo Tadanobu said while speaking to reporters during a round table event. However, he added that no decision had been made yet as to where it might be located.
Two people with knowledge of the plan have said in March that Panasonic is looking at potential factory sites in Kansas and Oklahoma, due to the pormixty to Tesla's new assembly plant in Austin, Texas, which also now Tesla's global headquarters after Chief Executive Elon Musk moved the automaker's headquarters to Texas.
Reuters reported that Tadanobu told investors and analysts on Wednesday that the company has already shipped samples of its more powerful '4680' format electric car battery to Tesla.
Panasonic's new 4680 format battery cells (46 millimeters width and 80 millimeters tall) - is about five times bigger than those that Panasonic currently supplies, meaning that Tesla could be able to lower production costs while still increasing the driving range of Tesla vehicles.
Panasonic says the new and improved nickel-cobalt-aluminum 4680 cells will store more energy, reduce battery costs by up to 50% and drive a 100-fold increase in battery production by 2030.
Once a location is selected, Panasonic said mass production of the new 4680 batteries could begin before the end of March 2024 at its plant in Wakayama, western Japan, before production moves to North America.
The Japanese company has partnered with Tesla for more than a decade, supplying batteries built at the jointly operated gigafactory in Nevada. Tesla also uses batteries from China's Contemporary Amperex Technology Co (CATL) and South Korea's LG Energy Solution.
Panasonic's competitor CATL aims to become the world's biggest supplier of EV batteries.
Last summer, CATL said it wants to rapidly expand its partnership with Tesla in China and become its biggest battery supplier. The company aims to supply half of the battery cells Tesla uses globally in electric vehicles and roof energy storage, according to a senior source at the company.
In March of last year, Panasonic sold its stake in Tesla that was worth at the time about 400 billion yen ($3.61 billion). Panasonic bought 1.4 million Tesla shares at the bargain price of $21.15 back in 2010, two years before Tesla introduced the Model S sedan.
A Panasonic spokesperson told Reuters last year that the decision to sell its stake in Tesla was made as part of a review of shareholdings in line with corporate governance guidelines.
However, Panasonic said there will be no charge in its business partnership with Tesla going forward and the two companies will continue to produce batteries in the U.S. for Tesla's electric vehicles in Nevada and a soon to be selected new state.
EV Startup Faraday Future Moves its Headquarters to China
Lucid’s New ‘Stealth Look’ Appearance Package for the Electric Air Sedan Compliments its High Performance DNA
Toyota’s Redesigned Prius May Get More Drivers Behind the Wheel of a Hybrid Vehicle
Toyota to Collaborate With Texas-based Utility Provider Oncor to Accelerate a Vehicle-to-Grid EV Charging Ecosystem
Stellantis to Idle its Illinois Assembly Plant Indefinitely, Citing the High Costs of Electric Vehicles
Apple Delays its Long Rumored Electric ‘Apple Car’ Until 2026, According to Sources
The World’s First Level-4 Automated Parking Feature Developed by Mercedes-Benz and Bosch is Approved for Commercial Use
Hyundai Motor Group Signs MoU with SK On Co. to Secure Batteries for EVs Built in the U.S.
- Facing Rising Production Costs, Automakers Ford, GM, Stellantis and Toyota Urge Congress to Lift the Cap on the $7,500 EV Tax Credit
- GM Offering to Buy Out Buick Dealers That Don’t Want to Sell EVs
- 2023 Jeep Grand Cherokee Trailhawk Now PHEV Only
- Tesla Challenger NIO Inc Reports its Highest-Ever Monthly Sales in June
- Volkswagen’s Software Company CARIAD to Use BlackBerry QNX to Support ADAS and Autonomous Driving Functions of Future VW Vehicles
- Faraday Future Delays Launch of FF91 Electric SUV Again
- The Affordable New Smart Brand Electric Crossover Designed by Mercedes-Benz Officially Launches in China
- Honda and LG Energy Solutions to Build a $4.4 Billion Joint Venture EV Battery Plant in the U.S.
- AI-Powered Computer Vision Perception Developer StradVision Closes on $88 Million Series C Funding Round
- Ford Reportedly Dropping 2024 Mustang Hybrid