Panasonic intends investing 600 billion yen (A$6.54 billion) in areas such as automotive batteries and supply chain software.
The Japan-based company will invest 400 billion yen (A$4.3b) in “growth areas” like EV battery cells, and another 200b yen (A$2.18b) in “technology pillars” such as hydrogen energy over three years through the 2024 financial year, Bloomberg reports.
Panasonic wants to have a 4680-battery factory producing in either Oklahoma or Kansas near Tesla’s Gigafactory Texas to supply Tesla and possibly other automotive manufacturers, according to various media suggestions.
A battery facility is also being built at Panasonic’s Wakayama factory in western Japan.
Panasonic aims to start higher capacity battery production by March 2024, some reports say, adding the 4680-cells could increase an EV’s range by 15%.
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