Panasonic to increase EV battery production for Tesla

Panasonic will boost production of EV batteries for Tesla by 10% by 2024, according to Nikkei Asia. Tesla founder Elon Musk said on Twitter on August 15 that the carmaker has produced over three million EVs in total and its Shanghai factory, in operation since 2018, has just rolled out its 1-millionth car.

The latest delivery data from Experian show that Tesla maintains the lead in the US EV market in the first half of 2022 with 68% market share, Electrek reported. Its US market share fell only slightly from 79% in 2020 despite other carmakers shifting fast to EV.

Globally, the US carmaker holds a market share of 14% in 2021, with Volkswagen, BYD, and GM respectively having 11%, 9%, and 7.6%, according to Forbes.

Tesla has built a joint venture with its longtime partner Panasonic in the US state of Nevada to produce EV batteries. The Japanese company announced that it will build another EV battery factory in the US in Kansas, Nikkei Asia reported.

The Nevada factory now produces nearly 40GWh of EV batteries every year and will reach 43GWh in capacity by 2024.

Panasonic currently produces EV batteries for Tesla in Osaka, Japan as well. It is reportedly to be responsible for producing the 4680-type battery cells for Tesla.