MF3d By Christopher Gannatti, CFA The other day, the following headline caught my eye: Tesla Supplier Panasonic Plans Additional $4 Billion EV Plant in U.S.1 Even in an environment with significant inflation and a monetary policy that may continue raising rates for some time, significant capital expenditure continues within the battery space. Panasonic is particularly notable because, in July 2022, it announced a plan to build a roughly $4 billion plant in Kansas. Now, one month later, it is announcing another plan for a roughly $4 billion plant in Oklahoma.2 The concept of securing certain supply chains globally has been a major theme in 2022, even if it gets obscured by inflation, U.S. Federal Reserve activities or the possibility of a recession. Semiconductors have been a big focus on that list, but so have the batteries that support the ongoing adoption of electric vehicles….
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