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Panasonic (OTCPK:PCRFY) plans to build a multi-billion dollar factory in the U.S. to supply Tesla (NASDAQ:TSLA) with lithium-ion batteries, Japan's NHK reports.
The Japanese company is looking at sites in Oklahoma and Kansas to build the plant because of their proximity to Texas, where Tesla is preparing a new electric vehicle plant, according to the report.
Panasonic, a longtime supplier for Tesla, already has unveiled plans to begin mass-producing a new type of lithium-ion battery for the automaker by March 2024 with two new production lines at its Japanese plant in Wakayama.
Tesla shares have traded higher this week as investors weighed the possibility that Russia's attack on Ukraine could accelerate the timeline for EV adoption in major nations.