"Panasonic's New Batteries for Tesla Expected to Lower EV Prices: Report"

Panasonic plans to produce a new version of the 2170 cells used in Tesla vehicles at its Nevada plant, aiming to quadruple production capacity by 2030 without building new factories. The improved cells with higher energy density could reduce EV prices. The company also announced plans for a new battery manufacturing plant in the US and an agreement to purchase nano-composite silicon anode material, which could enable 500-mile nonstop trips and 10-minute recharges in EVs. The Biden administration's Inflation Reduction subsidies have been beneficial for Panasonic, with the company forecasting a $587 million increase in operation during the fiscal year ending March 2024.