Locator: 46362EVS.
The electric-vehicle reckoning continues: Panasonic has decided against building an electric-vehicle battery plant in Oklahoma.
It’s a significant announcement from a large EV player. Panasonic is the fourth-largest independent EV battery maker on the planet, according to SNE research, with market share approaching 10%.
It’s another sign that car companies were simply too aggressive with EV plans in 2021 and 2022—auto makers have paid for overpromising in 2023 and will continue to pay in 2024.
”Panasonic Energy is always exploring growth opportunities and evaluating ways to strengthen our business and advance the EV industry in the United States,” said a Panasonic spokesperson in an emailed statement. The Oklahoma project was part of that exploration, but the company has decided against developing the project.
Batteries: link here. Scorecard, EVs.
Tesla wannabees, today:
- Lucid, Nikola, Fisker: all fell ten percent
- Rivian: fell five percent
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