Asia Tech Wire (Aug 8) -- Japan's Panasonic has lowered its electric vehicle battery production target for fiscal 2030 by about 30% due to reduced demand for electric vehicles in the U.S.

Allan Swan, head of Panasonic Energy North America, said Panasonic lowered its EV battery production target for fiscal 2030 by about 30%, from 200 GWh to 150 GWh.

The company made the decision because its supply to Tesla and other U.S. companies is dwindling, Swan said.

In addition, Panasonic will not announce the construction of a third battery plant in North America before the end of this year.