Tesla Supplier Panasonic Eyes Two Or More Battery Plants In North America By 2030: Report

Panasonic Holdings Corporation PCRFY is reportedly planning to build two or more facilities in North America to boost its 4680 battery cell production capacity by 2030.
The decision comes with an idea to meet the growing demand from the electric vehicle (EV) market, reported Reuters.
Panasonic plans to increase its auto battery capacity to 200 gigawatt hours per year by March 2031.
The report noted that the company is yet to decide on the site in North America for additional battery production.
It has a pilot 4680 production line at its Wakayama factory in Japan.
"It could be Nevada, it could be Kansas or it could be somewhere else," the report quoted Group Chief Executive Officer Yuki Kusumi.
Panasonic had earlier in the month reportedly planned to delay the production of its 4680 battery cells to improve the performance.
Price Action: PCRFY shares closed higher by 0.19% at $10.28 on Wednesday.
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