As the demand for electric vehicles (EV) increases, along with future prohibition for internal combustion engines, Panasonic said it will build a mega factory dedicated for manufacturing EV batteries.
According to Panasonic, it plans to build the world’s largest EV battery factory, which will cost around 4 billion USD. The factory will be larger than that it operates with Tesla in Sparks, Nevada, which is already one of the largest lithium-ion battery factories in the world.
The location is already set at Kansas and the deal represents the largest economic development project in Kansas’s history. Moreover, the facility will create up to 4,000 new jobs and about $4 billion in capital investment.
Panasonic will also begin producing a high-capacity battery for Tesla in early 2024. Those batteries are expected to increase energy capacity fivefold, which could boost range by more than 15% and cut production costs.
Panasonic said its advanced battery technology will improve EV range and that scaling its operations will lower the cost to produce EVs.
“With the increased electrification of the automotive market, expanding battery production in the U.S. is critical to help meet demand,” Kazuo Tadanobu, president and CEO of Panasonic Energy, said in a statement.
This story is developing.
