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Panasonic to Build $4bn Electric Vehicle Battery Plant in US

A logo of Panasonic Corp is pictured at the CEATEC JAPAN 2017 (Combined Exhibition of Advanced Technologies) at the Makuhari Messe in Chiba, Japan, October 2, 2017. REUTERS/Toru Hanai
A logo of Panasonic Corp is pictured at the CEATEC JAPAN 2017 (Combined Exhibition of Advanced Technologies) at the Makuhari Messe in Chiba, Japan, October 2, 2017. REUTERS/Toru Hanai
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Panasonic to Build $4bn Electric Vehicle Battery Plant in US

A logo of Panasonic Corp is pictured at the CEATEC JAPAN 2017 (Combined Exhibition of Advanced Technologies) at the Makuhari Messe in Chiba, Japan, October 2, 2017. REUTERS/Toru Hanai
A logo of Panasonic Corp is pictured at the CEATEC JAPAN 2017 (Combined Exhibition of Advanced Technologies) at the Makuhari Messe in Chiba, Japan, October 2, 2017. REUTERS/Toru Hanai

Japanese electronics giant Panasonic said Thursday it will spend $4 billion to build a new battery factory in the United States for electric vehicles.

The lithium-ion battery plant in Kansas could create up to 4,000 new jobs, Panasonic said, as the Tesla supplier drives to expand its presence, AFP said.

"With the increased electrification of the automotive market, expanding battery production in the US is critical to help meet demand," Kazuo Tadanobu, president and CEO of Panasonic Energy, said in a statement.

The factory will be Panasonic's second electric car battery operation in the United States, joining its facility in Nevada.

The announcement comes with Tesla struggling to boost production, after unveiling two new factories in Germany and the US state of Texas earlier this year.

Panasonic's decision was welcomed by Kansas Governor Laura Kelly as "transformative" for the local economy.

The new factory is expected to be located in De Soto, Kansas, though the move is subject to approval by Panasonic's board.

The decision was also welcomed by US Ambassador to Japan Rahm Emanuel, who said the decision to be "one of the largest battery production sites for the next generation of electric vehicles" in Kansas was "a vote of confidence" in the US economy and its workers.

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TikTok Calls Report of Possible Sale to Musk's X 'Pure Fiction'

The TikTok logo is displayed outside the offices of the social media app's company offices in Culver City, California, on March 16, 2023. (AFP)
The TikTok logo is displayed outside the offices of the social media app's company offices in Culver City, California, on March 16, 2023. (AFP)
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TikTok Calls Report of Possible Sale to Musk's X 'Pure Fiction'

The TikTok logo is displayed outside the offices of the social media app's company offices in Culver City, California, on March 16, 2023. (AFP)
The TikTok logo is displayed outside the offices of the social media app's company offices in Culver City, California, on March 16, 2023. (AFP)

TikTok on Tuesday labeled as "pure fiction" a report that China is exploring a potential sale of the video-sharing platform's US operations to billionaire Elon Musk as the firm faces an American law requiring imminent Chinese divestment.

Citing anonymous people familiar with the matter, Bloomberg News had earlier reported that Chinese officials were considering selling the company's US operations to Musk's social media platform X.

The report outlined one scenario being discussed in Beijing where X would purchase TikTok from Chinese owner ByteDance and combine it with the platform formerly known as Twitter.

"We cannot be expected to comment on pure fiction," a TikTok spokesperson told AFP.

The report estimated the value of TikTok's US operations at between $40 billion and $50 billion.

Although Musk is currently ranked as the world's wealthiest person, Bloomberg said it was not clear how Musk could execute the transaction, or if he would need to sell other assets.

The US Congress passed a law last year that requires ByteDance to either sell its wildly popular platform or shut it down. It goes into effect on Sunday -- a day before President-elect Donald Trump takes office.

The US government alleges TikTok allows Beijing to collect data and spy on users and is a conduit to spread propaganda. China and ByteDance strongly deny the claims.

TikTok has challenged the law, taking an appeal all the way to the US Supreme Court, which heard oral arguments on Friday.

At the hearing, a majority of the conservative and liberal justices on the nine-member bench appeared skeptical of arguments by a lawyer for TikTok that forcing a sale was a violation of First Amendment free speech rights.

Bloomberg characterized Beijing's consideration of a possible Musk transaction as "still preliminary," noting that Chinese officials have yet to reach a consensus on how to proceed.

Musk is a close ally of Trump and is expected to play an influential role in Washington in the coming four years.

He also runs electric car company Tesla, which has a major factory in China and counts the country as one of the automaker's biggest markets.

Trump has repeatedly threatened to enact new tariffs on Chinese goods, which would expand a trade war begun in his first term and which was largely upheld, and in some cases supplemented, by outgoing President Joe Biden.