Tesla Urges Panasonic To Fast-Track Development Of Next-Gen Batteries

  • Tesla, Inc TSLA urged Panasonic Holdings Corporation PCRFY to speed up the development of its next-generation 4680 batteries, Bloomberg reports as per Panasonic CFO Hirokazu Umeda.
  • Umeda disclosed ongoing robust demand for batteries at a post-results briefing, including the 2170 cells it supplies for Tesla’s electric vehicles.
  • Umeda said, “We seeing continued strong demand from Tesla, for 2170 batteries, but also faster development of the 4680.”
  • Panasonic CEO Yuki Kusumi looked to invest 600 billion yen ($4.6 billion) in automotive batteries, supply chain software, and other areas the company sees as core to its growth.
  • Panasonic has been exploring sites in Oklahoma and Kansas for its multibillion-dollar factory to increase investment in EV cell production, and their proximity to the Tesla factory was critical for future growth.
  • Panasonic looks to manufacture the bigger and more powerful 4680 batteries at its planned U.S. factory. 
  • Panasonic was betting on the newly-developed technology championed by Tesla CEO Elon Musk as the key to unlocking $25,000 EVs to open up doors to supply other automakers in addition to Tesla. 
  • Price Action: TSLA shares traded lower by 2.55% at $779.60 on the last check Wednesday.
  • Photo by Blomst via Pixabay

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