Panasonic announces new production facility
On February 28, 2022, Panasonic Corporation (Panasonic) announced that its Energy Company will establish a production facility at its Wakayama Factory in western Japan to manufacture new, 4680 lithium-ion batteries for electric vehicles in an attempt to expand its business globally. According to the company, Panasonic will progressively develop production capabilities in preparation for full rollout. Along with structural improvements, two additional production lines as well as utility facilities will be established at the factory. Mass production and productivity verification is set to begin in the fiscal year ending March 2024.
New ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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