Tesla’s stock price is on the rise today after Panasonic announced the completion of preparations for mass production of its high-capacity 4680 EV batteries. These batteries, five times more powerful than the previous model, will be manufactured at Panasonic’s Wakayama plant and are expected to significantly increase the driving range of electric vehicles.
Panasonic Holdings Corp. has completed preparations to mass-produce its high-capacity 4680 EV batteries, aiming to meet the growing demand for longer-lasting and more efficient batteries in the electric vehicle market. The company’s energy unit has renovated a plant in Japan to produce these batteries, which have five times the capacity of its smaller 2170 cylindrical batteries. Production is set to begin after samples are approved by automakers.
The global market for second-life electric vehicle (EV) batteries is poised for explosive growth, projected to reach $28.17 billion by 2031. This surge is fueled by rising demand for sustainable energy storage solutions and the increasing adoption of EVs.
