Panasonic Disclosed Finalizing US Site For Tesla's New Battery Plant

Panasonic Holdings Corp PCRFY was finalizing its decision regarding the U.S. site for its new battery plant, Reuters reports citing Panasonic Energy CEO Kazuo Tadanobu at a round table event.
The Tesla, Inc TSLA battery maker explored potential factory sites in Kansas and Oklahoma to supply the batteries to the U.S. EV maker's Texas plant.
Recently Tadanobu disclosed having shipped samples of its more powerful '4680' format electric car battery to Tesla.
The 4680 format battery is five times bigger than Panasonic's current supplies, which could help Tesla cut production costs and boost vehicles' driving range.
The commercial production of the new battery will begin before March 2024 at its plant in Wakayama, western Japan, before the production migrates to North America.
Price Action: TSLA shares traded lower by 4.78% at $738.38 in the premarket on the last check Friday.
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