Panasonic has starting filling in details about hiring plans and how it will use tax incentives to build a $4 billion electric-vehicle battery plant in De Soto.
On Thursday, the De Soto City Council approved a development agreement with Panasonic Energy of North America that outlines tax incentives for the company’s EV battery manufacturing plant.
The agreement details the scope of the project and the company’s commitment to support community infrastructure needs and future employment quotas.
“This is a hugely complex, impactful and important document for our city. It’s had our top priority and attention for the past several months,” City Administrator Mike Brungardt told the City Council.
Panasonic plans to begin operations at the new EV plant in the first quarter of 2025.