Panasonic Ramping Up Production To Unveil Enhanced Battery Cells That Could Potentially Reduce EV Costs – Tesla (NASDAQ:TSLA), Panasonic Holdings (OTC:PCRFY)

Panasonic Holdings Corp. has announced plans to launch an upgraded version of its electric vehicle (EV) battery cells with increased capacity. The new cells, known as 2170 cells, are expected to be produced at the company’s Nevada plant between 2024 and 2025.

The development of the 2170 cells aligns with Panasonic’s goal to quadruple its production capacity by the 2030 fiscal year. The company aims to enhance the energy density of the cells, which could potentially reduce the overall cost of EVs.

According to CTO Shoichiro Watanabe, Panasonic’s expansion plans do not rely on constructing a new factory or heavy investments. Instead, the company is focused on expanding battery capacity and improving productivity simultaneously.

Panasonic’s expansion plans are centered on North America, with the goal of providing 200 gigawatt hours of energy in EV batteries. The company is also working on developing thicker and more voluminous batteries, known as the 4680 cells.

The company is on track to increase its manufacturing capacity by 10% by the 2025 fiscal year without the need for additional production lines or investment. Decisions regarding the production of next-generation EV batteries at the Nevada plant, a joint venture with Tesla Inc., will be made jointly.

Panasonic is also building a new battery plant in Kansas, its second in North America, and is set to reveal the location of a third plant by the end of the current fiscal year.

This announcement follows Panasonic’s recent decision to pursue its expansion plans in the U.S. The company aims to establish a third EV battery plant as part of its larger strategy to significantly increase its annual production capacity from 50 gigawatt-hours to 200 gigawatt-hours by 2031.

Earlier in December, Panasonic canceled a potential project in Oklahoma. However, the company stated that the closure will not impact its operations in Nevada or Kansas.

Panasonic’s efforts to upgrade its EV battery cells and expand its production capacity are significant in the growing EV market. As demand for electric vehicles continues to rise, advancements in battery technology and increased production capacity are crucial for meeting consumer needs and driving the widespread adoption of EVs.

Overall, Panasonic’s plans to launch upgraded EV battery cells and expand its production capacity demonstrate the company’s commitment to the EV market and its efforts to support the transition to sustainable transportation.

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