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An EV battery plant may be built in Oklahoma by Panasonic

April 17, 2023
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On Sunday, Panasonic Holdings (6752.T), a supplier of batteries for electric vehicle maker Tesla Inc (TSLA.O), announced that it is considering building its third battery plant in the United States, which could be built in Oklahoma. This is Panasonic' third battery plant in the United States and has produced batteries for several electric vehicles.

According to a statement by the company in an email sent to Trade Algo, "Panasonic has signed an agreement with the State of Oklahoma that specifies how the incentives can be given under Oklahoma's LEAD Act," which describes an incentive package set up by the state to attract major businesses to the MidAmerica Industrial Park in Pryor.

The statement said that the company has not made any other specific decisions. We will share more information as it becomes available, and we will be updating this post as it becomes available."

There are a number of electric vehicle makers, besides long-time customer Tesla, that are looking at Panasonic as a possible battery supplier as a result of the Japanese conglomerate's decision to consider Oklahoma earlier this month, which was reported by Kyodo news agency.

A new electric vehicle plant is planned in North America by Panasonic, Stellantis (STLAM.MI) and BMW (BMWG.DE), reports the Trade Algo this month, and Panasonic is reportedly in talks with these two companies about its construction.

In July, the company chose Kansas instead of Oklahoma for the site of its next EV battery plant, rejecting Oklahoma as a possible location for the plant. Up to 4,000 jobs are expected to be created as a result of investments worth up to $4 billion there.

Editorial Board
Eric Ng
John Liu
Editorial Board
Bryan Curtis
Adan Harris
Managing Editor
Cathy Hills
Associate Editor

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