
Japanese electronics giant Panasonic will partner with U.S. car maker Tesla to build its battery factory, but has refused to divulge details of the plan.
Panasonic said Thursday it will invest an undisclosed amount in the "Gigafactory" that will be used to purchase equipment, machinery and other tools for the plant, which Tesla estimates will cost $4 billion to $5 billion. Tesla hope to build the factory to supply batteries for its expansion plan that include manufacturing the Model 3, which is expected in three years.
"We haven't decided yet on the specifics of when or how much investment we will be making," said Panasonic Chief Financial Officer Hideaki Kawai.
"The Gigafactory represents a fundamental change," said J.B. Straubel, Tesla's chief technical officer. "Not only does the Gigafactory enable capacity needed for the Model 3, but it sets the path for a dramatic reduction in the cost of energy storage across a broad range of applications."
Panasonic and Tesla signed a letter of intent in May and Thursday's announcement is seen as the next step in this partnership. Tesla already has an agreement with the Japanese company to provide two billion battery cells through 2017.
Tesla is yet to announce the location of its "Gigafactory" but the shortlisted U.S. states have already started attempts to attract the car maker. The shortlist includes California, Nevada, Arizona, New Mexico and Texas.
GMT 09:47 2018 Tuesday ,23 January
SAP unveils big push into French tech start-upsGMT 05:07 2018 Tuesday ,23 January
Noble Group shares surge 37 percent on buyout talksGMT 19:07 2018 Monday ,22 January
BAKS spent Dh225m on charity projects in 2017GMT 22:52 2018 Sunday ,21 January
French firm "recalls baby milk product"GMT 22:27 2018 Sunday ,21 January
US company plans funds that double bitcoin price movesGMT 21:23 2018 Sunday ,21 January
Pence starts Mideast tour in Egypt amid Arab angerGMT 08:54 2018 Saturday ,20 January
Million-euro bill for firm behind Paris bike-share chaosGMT 10:47 2018 Friday ,19 January
German chemical giant BASF sees 'significant' profit leap

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor