Panasonic, Tesla To Build Giant Battery Plant In United States

@AFP
Panasonic, Tesla To Build Giant Battery Plant In United States

Tokyo (AFP) — Japanese electronics giant Panasonic and U.S. electric vehicle maker Tesla Motors said Thursday they will jointly build and operate a huge lithium ion battery plant known as the Gigafactory.

Under the deal, Tesla will run the operations at the proposed U.S.-based plant, while its Japanese partner will make battery cells destined for the plant and invest in equipment and machinery, according to a joint statement.

The companies did not disclose financial details, a location, or other terms of the agreement.

Japanese media previously reported that Panasonic would invest as much as 30 billion yen ($290 million) in the multi-billion-dollar plant.

The pair said the large-scale plant should drive down the cost of batteries and eventually help popularize electric vehicles.

The Gigafactory will produce battery cells, modules, and packs for Tesla’s electric vehicles.

Some 6,500 people are expected to work at the facility.

“The Gigafactory is being created to enable a continuous reduction in the cost of long range battery packs in parallel with manufacturing at the volumes required to enable Tesla to meet its goal of advancing mass market electric vehicles,” the joint statement said.

AFP Photo/Justin Sullivan

Interested in economic news? Sign up for our daily email newsletter!

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

On Trial For Campaign Crimes, Trump Is Drenched In Tabloid Sewage

National Enquirer covers smearing Hillary Clinton in 2016

Back in the antediluvian era of American politics, perpetrating dirty tricks was considered proof of bad character and potentially disqualifying for public office, depending on circumstances.

Keep reading...Show less
Oklahoma Official Wants Chaplains In Schools -- But Only 'Christian' Nationalists

Ryan Walters

Book-Banning 'Moms For Liberty' Remind Me Of 'Harper Valley PTA' (And '1984')

Visitors to Oklahoma’s State Schools Superintendent’s personal social media page will notice a post vowing to “ban Critical Race Theory, protect women’s sports, and fight for school choice,” a post linking to a Politico profile of him that reads, “Meet the state GOP official at the forefront of injecting religion into public schools,” a photo of him closely embracing a co-founder of the anti-government extremist group Moms for Liberty, and a video in which he declares, “Oklahoma is MAGA country.”

Keep reading...Show less
{{ post.roar_specific_data.api_data.analytics }}