Panasonic planning electric vehicle battery plant in U.S.

Japan's Panasonic Corp. is looking to purchase land in the United States for a massive factory to make a new type of electric vehicle battery for Tesla, public broadcaster NHK reported on Friday.

Panasonic is looking at building the several billion dollar factory in either Oklahoma or Kansas for their proximity to Texas, where Tesla is preparing a new EV plant, NHK reported. NHK gave no timeline for Panasonic's U.S. project.

NHK did not cite the source of its information. Panasonic said the reported plan was not something it announced.

A long-time Tesla supplier, Panasonic has already announced plans to begin mass-producing the new type of lithium-ion battery for Tesla before the end of March, 2024 with two new production lines at its western Japanese plant in Wakayama.

The 4680 format (46 millimeters wide and 80 millimeters tall) battery is about five times bigger than those currently supplied to Tesla, meaning the automaker will be able to lower production costs.

The new powerpack is also expected to improve vehicle range.