Perspective: Electric vehicles are becoming more popular every year – this is a fast-growing industry in which many technology companies are looking to get their share, and Panasonic is no exception. A Japanese conglomerate has just announced plans to build a massive EV battery plant in Kansas. This plant will supply Tesla vehicles with high-capacity batteries.

- Advertisement -

The plant will create up to 8000 new jobs in the state, according to Gov. Laura Kelly. 4,000 of those jobs will be created directly at the plant, and Kelly expects another 4,000 to be created by “suppliers and community enterprises.” These jobs will be provided by Panasonic’s colossal $4 billion investment to build and operate the plant.

- Advertisement -

According to Nikkei Asia, Panasonic chose Kansas as its manufacturing site due tofavorable tax regime“for business and the relatively short distance between it and Texas – Tesla’s location current global headquarters; a huge 2,500-acre gigafactory.

We’re not sure which Tesla car models will benefit the most from Panasonic. new plant. However, given that Gigafactory in Texas primarily responsible for the production of the Model Y and the future production of the Cybertruck, both machines appear to be strong contenders.

- Advertisement -

“As the largest private investment in Kansas history and one of the largest electric vehicle battery plants in the nation, this project will transform our state’s economy,” Governor Kelly said. “Winning this project shows that Kansas is well positioned to compete globally and that our business-friendly climate is driving the technological innovation needed to achieve a more prosperous and sustainable future.”

This is indeed a big victory for Kansas, and it was not achieved by accident. Thanks to the state’s “APEX” law (passed back in February), Kansas was able to attract Panasonic’s interest at a level where competing states simply couldn’t. The APEX Act – “Attracting Strong Economic Growth” – offers eligible businesses refundable tax credits, partial payroll rebates for up to 10 years, tuition reimbursement, relocation reimbursement, and even full sales tax exemption for upfront factory costs. materials during construction. .

These benefits only apply to one firm per year until it ends in 2023, meaning that only two firms can take advantage of these benefits. Panasonic already occupies the 2022 slot, but 2023 is currently open.

Head credit: Nikkei Asia