Panasonic to supply lithium-ion battery cells to Tesla
Tesla Motors, a manufacturer of electric vehicles (EVs), and Panasonic, a battery cell manufacturer have signed a supply agreement for automotive-grade lithium-ion battery cells.
As per the agreement, Panasonic will supply lithium-ion battery cells to Tesla to build more than 80,000 vehicles over the next four years.
The EV manufacturer said Panasonic's automotive grade lithium-ion battery cells will be used in its premium electric sedan, Model S.
Both the companies have an existing multiyear collaboration formed in 2009 to develop next-generation automotive-grade battery cells and speed the market expansion of EVs.
In 2010, Panasonic has invested $30m in Tesla to deepen the partnership and support the growth of the electric vehicle industry.
Tesla co-founder and CEO Elon Musk said it is a powerful endorsement of the company's technology that Panasonic, the world's leading battery cell manufacturer, has chosen to partner with it to advance electric vehicle performance and value.
"Incorporating Panasonic's next-generation cells into Model S batteries will ensure unrivaled range and performance," Musk said.
Panasonic president of energy company Masato Ito said the company will supply lithium ion cells for EVs that can achieve longer range with large energy density.
"It is our pleasure to start supplying the cells for Tesla's Model S and promote sustainable mobility," Ito said.
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