The CEO of Panasonic Energy said the company may delay its electric vehicle battery expansion in the US due to the slowing uptake of EVs.
The Japanese company, which also makes batteries for EV maker Tesla, is closely watching its Chinese supply chain and battery material procurement following China’s move last year to tighten graphite export controls, Yuki Kusumi told reporters in Tokyo on Tuesday.
“There’s a need to control the speed of investment depending on the speed at which EVs spread,” he said, according to Reuters.
Panasonic Energy has a battery factory in Nevada and is building a second in Kansas. The aim is 200GWh capacity by March 2031.
The company will decide its investments depending on the commitments it gets from automakers, he said. It is assessing mid- to long-term market demand.
“The one situation that should be avoided most, is one where a line is not used after making an investment,” he said.
