Panasonic To Build EV Battery Plant in Oklahoma

Tesla Inc.’s battery supplier, Panasonic Holdings of Japan announced on Sunday that it is thinking about constructing a battery plant in Oklahoma, its third plant in the country. The company mentioned in an email that it sent to Reuters that with regard to the LEAD Act of Oklahoma, Panasonic and the State of Oklahoma have agreed into an agreement that specifies the conditions and eligibility for the incentives. It referred to a set of incentives the state has created to entice significant businesses to its MidAmerica Industrial Park in Pryor.

The statement also mentioned that as of now the company has not made any specific decisions. However, as soon as there’s more information available, the company will share it.

As electric vehicle sales soar, Panasonic’s decision to explore into Oklahoma, which was previously reported by Kyodo news agency, comes as other EV makers besides longtime client Tesla are looking to the Japanese corporation as a potential battery supplier.

Meanwhile, The Wall Street Journal reported last month that Panasonic is in discussions with other Stellantis (STLAM.MI) and BMW (BMWG.DE) about constructing a new EV plant in North America.

In July, the Japanese company chose Kansas as the location for its second EV battery plant instead of Oklahoma to produce batteries for Tesla. Up to 4,000 jobs might be created, according to state officials there, with an investment of up to $4 billion.

Company’s Corporate History

Panasonic started doing business in India in the year 1972. In order to combine all of Panasonic’s activities in India, Panasonic India Pvt Ltd was established in 2008. In April 2008, Mr. Daizo Ito took over as CEO of Panasonic India, ensuring that the country was the company’s aggressive emphasis through significant expansion and investments.

Since that time, Panasonic has been increasing its market share in the nation through the introduction of cutting-edge products, increased company investment, and numerous marketing campaigns. Despite having Japanese roots, Panasonic India is now widely recognised as an Indian business.

Also Read: India-US Trade Hits Historic High, US Replaces China as India’s Top Partner