The new production capacity will be located in North America and will be used to produce 4680 battery cells, which are larger and more powerful than the current 2170 cells used in Tesla’s vehicles. Panasonic said it will invest in the new production capacity to meet the growing demand for electric vehicles.
The company also said it will continue to invest in research and development to improve the performance and safety of its batteries. Panasonic is the exclusive supplier of batteries for Tesla’s vehicles and the two companies have been working together since 2009.
The move is part of Panasonic’s efforts to expand its presence in the electric vehicle market and meet the growing demand for electric vehicles. The company is also investing in other areas such as solar energy and energy storage solutions.