Human beings tend to be good at many different things, but if we are being honest, nothing quite beats their ability to grow on a consistent basis. The reason why this ability is such a standout is because it helps us in hitting upon some huge milestones along the way, with each one practically designed to bring a unique value to our lives. Nevertheless, despite all that, we are still yet to see anything as unprecedented as technology. Technology’s emergence was always outright anomalous, considering it scaled us up to a level that we had never even imagined before. This would do a lot to turn us into a tech-driven society. However, interestingly enough, even after we get there, the creation will continue to find new inroads through which it could make things better in one capacity or the other. The same pattern has now reached a whole new level, and Panasonic’s latest move should only set it up for much bigger strides.
Panasonic has officially revealed its plans to build a new EV battery plant in De Soto, Kansas. Going by the available details, the plant is expected to rake in a whopping $4 billion for the state, while also creating 4,000 new jobs. Alongside the given number in regards to jobs, the plant will generate an additional 4,000 vacancies with suppliers and community businesses. The decision on the location came after a lengthy two-horse race between Kansas and Oklahoma, a dogfight that was largely decided when the former passed an Attracting Powerful Economic Expansion Act (APEX).
“When the Kansas Legislature passed the APEX legislation, this was the kind of megaproject we had in mind,” said Ron Ryckman, Representative of Kansas.
Nevertheless, that wasn’t all what convinced Panasonic to go there. If we dig into further details, we’ll realize how state also offered the company an incentive package worth $829.2 million. This notably included $500 million investment tax credit that stretches over five years. Apart from it, we are looking at a $234 million payroll rebate, which is to be paid over the next ten years. Surely, these benefits are pretty much predicated upon the plant’s performance across different metrics, but the stated arrangement still seemed better in front of all the financial uncertainty in and around Oklahoma’s package.
“With the increased electrification of the automotive market, expanding battery production in the U.S. is critical to help meet demand,” said Kazuo Tadanobu, president and CEO of Panasonic Energy.
Deemed as the largest ever economic development in Kansas’ entire history, the plant, assuming all the pieces fall into place, will be a much bigger one than the one Panasonic and Tesla have jointly-built in Nevada.