Image source: Tesla
Panasonic is reportedly mass producing its next-gen batteries for Tesla.
Nikkei Asia says that the Japanese company plans to invest about $705 million in production facilities to make the new batteries for Tesla from as early as 2023. The next-gen batteries are stated to extend cruising range by about a fifth.
"We are studying various options for mass production, including a test production line we are establishing this business year. We don't, however, have anything to announce at this time," Panasonic said in a statement sent to Reuters.
While Tesla sources for more battery suppliers around the world, Panasonic is the sole supplier of the next-gen batteries and remains a key supplier to the U.S EV maker.
Source: Nikkei Asia via Reuters
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