The Japanese company, the world’s third-largest EV batteries producer behind CATL and LG Energy Solution, already operates a $5 billion Gigafactory in Nevada with Tesla.
Panasonic picked the site of the new facility based on factors including its proximity to Texas, where Tesla moved its headquarters last year, and favorable tax treatment. Oklahoma had also been considered as a candidate location.
The factory is expected to hire as many as 4,000 employees and include a facility for research in next-generation 4680 battery, which it plans to mass produce from 2023.
“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 the statement.
“We aim to continue driving growth of the lithium-ion battery industry and accelerating towards a net-zero emissions future,” Tadanobu said.
The newly planned plant is part of its push to increase investment in EV cell production — a segment the 104-year-old Japanese electronics giant sees as critical for future growth.
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