Panasonic Holdings Corporation (OTC:PCRFF) (OTC:PCRFY) has reportedly withdrawn from plans to establish a new electric vehicle battery plant in Oklahoma in the U.S.
After announcing in April its consideration of constructing a plant in Oklahoma, the battery provider for EV manufacturer Tesla, Inc. (NASDAQ:TSLA) has decided not to proceed with this plan for its third facility, according to a news report by Reuters.
"After careful deliberations, we have made the decision not to move forward with developing the site," Panasonic Energy said in a statement, which Reuters notes.
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"This decision will not impact our operations in Nevada or Kansas," according to the statement.
The company also declared it has made "a long-term commitment to investing in and advancing the EV industry in the U.S." to deliver the highest-quality batteries, the report added.
The latest development follows a positive development on December 13, when the company inked a pact to purchase next-generation nano-composite silicon anode material for EV lithium-ion batteries from Sila Nanotechnologies Inc.
Panasonic Energy will procure the necessary silicon material from Sila's manufacturing facility in Washington State, U.S.
With a strategic focus on North America, Panasonic Energy is working to strengthen local supply chains in order to expand battery production there.
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Price Action: PCRFF shares closed lower by 0.93% to $9.56 on Tuesday.
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