Home Technology What Is Panasonic? Panasonic To Build $4bn Electric Vehicle Battery Plant In...

What Is Panasonic? Panasonic To Build $4bn Electric Vehicle Battery Plant In US

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Panasonic Holdings Corporation, formerly Matsushita Electric Industrial Co., Ltd. between 1935 and 2008 and the first incarnation of Panasonic Corporation between 2008 and 2022, is a major Japanese multinational conglomerate corporation , headquartered in Kadoma, Osaka. It was founded by Konosuke Matsushita in 1918 as a light bulb socket manufacturer. In addition to consumer electronics , of which it was the world’s largest maker in the late 20th century, Panasonic offers a wide range of products and services, including rechargeable batteries, automotive and avionic systems, industrial systems, as well as home renovation and construction.

Panasonic has a primary listing on the Tokyo Stock Exchange and is a constituent of the Nikkei 225 and TOPIX 100 indices. It has a secondary listing on the Nagoya Stock Exchange.

Panasonic To Build $4bn Electric Vehicle Battery Plant In US

Japanese electronics giant Panasonic said Thursday it will spend $4 billion to build a new battery factory in the United States for electric vehicles.

In Tokyo Japanese electronics giant Panasonic said Thursday it will spend $4 billion to build a new battery factory in the United States for electric vehicles.

The lithium-ion battery plant in Kansas could create up to 4,000 new jobs, Panasonic said, as the Tesla supplier drives to expand its presence.

” With the increased electrification of the automotive market, expanding battery production in the US is critical to help meet demand,” Kazuo Tadanobu, president and CEO of Panasonic Energy, said in a statement.

The factory will be Panasonic´s second electric car battery operation in the United States, joining its facility in Nevada.

The announcement comes with Tesla struggling to boost production, after unveiling two new factories in Germany and the US state of Texas earlier this year.

Panasonic´s decision was welcomed by Kansas Governor Laura Kelly as “transformative” for the local economy.

The new factory is expected to be located in De Soto, Kansas, though the move is subject to approval by Panasonic´s board.

The decision was also welcomed by US Ambassador to Japan Rahm Emanuel, who said the decision to be “one of the largest battery production sites for the next generation of electric vehicles” in Kansas was “a vote of confidence” in the US economy and its workers.

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