Panasonic revealed today that had to reduce EV battery production at some of its plants in Japan to normalize inventories.
Panasonic revealed today that it had to reduce EV battery production at some of its plants in Japan to normalize inventories. According to Reuters and Panasonic's third-quarter report, the production of automotive batteries in Japan was reduced by 60 percent compared to the second quarter of 2023. That's a significant step back.
The company noted in its Q3 report the growth of demand for battery cells made in North America with tax credits for EVs purchased in the U.S. 'our key market.' The Inflation Reduction Act of 2022 has brought significant incentives to produce batteries locally in the U.S. . Additionally, EVs must also be produced locally to qualify for the federal tax credit: With a 50-100-kilowatt-hour battery pack, a manufacturer might get respectively $1,750-$3,500 just for the cells .
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