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Panasonic plans two or more new battery factories in North America by 2030 By Reuters

© Reuters. FILE PHOTO: A pedestrian is reflected in a sign at Panasonic Center in Tokyo, Japan, Feb. 3, 2016. REUTERS/Yuya Shino/File Photo

TOKYO (Reuters) -Japan’s Panasonic (OTC:) Holdings Corp aims to ramp up its production capacity for 4680 battery cells by 2030 by building two or more new factories in North America, it said on Thursday, as it seeks to supply the growing electric vehicle (EV) market.

The company, whose energy unit makes batteries for EV maker Tesla (NASDAQ:) Inc, seeks to boost its auto battery capacity to 200 gigawatt hours per year by March 2031, about four times its level at the end of March, it said in a presentation on its website.

Panasonic plans to build at least two new factories for 4680 battery production in North America, a spokesperson confirmed to Reuters.

Panasonic has yet to decide where in North America it will add the production capacity, said the company’s Group Chief Executive Officer Yuki Kusumi.

“It could be Nevada, it could be Kansas or it could be somewhere else,” Kusumi said during a press conference after giving a presentation about the company’s strategy.

Panasonic is running a pilot 4680 production line at its Wakayama factory in Japan, while Tesla is already producing the 4680 battery cells, which Tesla CEO Elon Musk has touted as being key to making cheaper and compelling electric cars.

Panasonic will also set up two other new sites to deepen its battery know-how in Japan over the next two years.

One is a production technology facility it will establish in Osaka city in 2024, and the other is a site for development of new and next-generation batteries and battery materials it plans to set up in 2025 in neighbouring Kadoma city.

This story originally appeared on Investing

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