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Tesla’s Battery Supplier Panasonic Halts Oklahoma Factory Plans
December 22, 2023
Panasonic Energy, Tesla’s battery supplier, has chosen to forego its plans of establishing a battery factory in Oklahoma. The decision, arrived at after thoughtful consideration, hasn’t been accompanied by specific details. This particular plant would have marked Panasonic’s third manufacturing site on North American soil.
Panasonic Energy, a branch of Panasonic Holdings, is renowned as a significant producer of batteries for electric vehicles. The former proposition to build an Oklahoma-based factory came into existence following an agreement with the state government in April. This agreement delineated an incentive package that the company stood to receive, had the plans materialized. The factory was projected to attract a total investment of around $5 billion, according to local authorities.
According to The Wall Street Journal, Panasonic cited “a wide range of factors” without specifying any in particular for not moving forward with the factory in Oklahoma. The Journal also explained that “people involved in talks with the state of Oklahoma said there were differences over site conditions and potential subsidies.”
Panasonic intends to channel its energy toward the commencement of its Kansas-based plant instead, a Panasonic spokesperson disclosed to Nikkei Asia. The company emphasized that it’s still considering all potential opportunities to expand operations in North America. The Kansas plant, currently in the construction phase, involves an estimated investment of $4 billion and is slated to commence operations by March 2025.
With the electric vehicle (EV) battery sector taking center stage in Panasonic’s business roadmap, Tesla — the company’s largest customer — has much to anticipate. The U.S. administration’s generous tax credits have been an attractive lure for further investment into the country, thereby placing Panasonic’s EV battery business at the forefront of its strategic priorities.
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