On May 18th, Panasonic Corporation of Japan announced on Thursday that it plans to increase the production capacity of 4680 batteries by 2030 by building two or more factories in North America to meet the growing demand for electric vehicles. Panasonic is one of Tesla’s battery suppliers, and according to a report on its website, the company plans to increase its automotive battery production capacity to 200 gigawatts per year by March 2031, approximately four times the level at the end of March. The CEO of Panasonic Group stated that the company has not yet decided which region in North America to increase production capacity, possibly in Nevada, Kansas, or elsewhere.
Weekly Technical Outlook – USDJPY, GBPUSD, NZDUSD
USDJPY faces minor injuries after higher US jobless rate; Powell’s testimony next on the agenda GBPUSD surprasses key obstacle as UK gets new government; monthly GDP data on the agenda NZDUSD waits…