Perhaps I am not clear on the question, but the louvers would be made individually. Personally I would purchase 1/4 thick Extira and cut to width on a table saw then bullnose the sides on a router table.
If I was making them in production I may make a special machine to bullnose both sides at once.
Then the 4 frame pieces and the louvers would all be assembled to make the shutter.
There are more talented people here with some processes.
If you are asking to make the louvered panel out of a solid panel of Extira - I don't know, and that does not sound efficient at all.
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