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Panasonic said to mass produce next-gen batteries for Tesla in 2023

By Cookie Monster - on 25 Jan 2022, 12:00am

Panasonic said to mass produce next-gen batteries for Tesla in 2023

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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