Business

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

 

Malika Sahni

Recent Posts

Jharkhand Results 2024: Key Seats To Watch As BJP And JMM Brace For Battle

This election witnessed a record voter turnout of 67.74%, the highest since the state’s formation…

15 mins ago

Maharashtra Result 2024: 49 Assembly Seats To Decide ‘Real’ Shiv Sena

The competition is especially significant after the rebellion led by Eknath Shinde’s faction, which managed…

16 mins ago

Maharashtra Results 2024: Counting Of Votes Kicks Off With Tight Security

Counting begins at 8 AM with postal ballots, followed by EVM votes at 8:30 am…

17 mins ago

‘In Kabul, A Cat Has More Freedom Than A Woman’: Revisiting Women’s Struggles Under The Taliban

The Taliban’s regime has since imposed over 100 laws restricting women's rights, stripping them of…

10 hours ago

PM Modi’s Gifts: A Glimpse Of India’s Cultural Heritage In Global Diplomacy

These gifts to world leaders reflect the diverse traditions, arts, and crafts of India, emphasizing…

13 hours ago

Dr Rajeshwar Singh Calls For Bold Goals To Make India A Global Power By 2047

Dr Singh stressed the importance of reaching a GDP of $15 trillion by 2047 to…

14 hours ago