The cost of the project is estimated at $4 billion. The company is already supplying batteries for Tesla electric vehicles and hopes to increase production volumes.
According to the WSJ statement, the plant is planned to be built in the state of Oklahoma. However, a final agreement has not yet been reached and the local authorities have not commented on the statement. The Panasonic representative also refused to provide additional information.
The Japanese company wants to increase its production capacity to meet the increased demand, in the same way as with Tesla. Panasonic is also interested in other manufacturers of electric vehicles, as this type of transport is becoming more and more popular in the market. Therefore, it is critical for the manufacturer to occupy its niche in this area.
The main competitor of Panasonic is LG Energy Solution Co., which is the world's largest manufacturer of batteries for electric vehicles.