The Japanese maker of electric appliances announced that they are expanding business relationship with the American maker of electric cars.Tesla currently uses Panasonic battery cells in its advanced battery packs. Panasonic has invested $30 million in Tesla, through the purchase of Tesla common stock in a private placement at a price of $21.15 per share.
Both companies will also collaborate on the development of next generation battery cells designed specifically for electric vehicles. Panasonic and Tesla intend to explore joint marketing and sales of battery packs that would be designed and assembled by Tesla using Panasonic’s battery cells.
“Panasonic aims to be the number one Green Innovation Company in the Electronics Industry by 2018, the 100th anniversary of our founding,” said Naoto Noguchi, President of Energy Company, a unit of Panasonic responsible for the battery cell business. “Our sophisticated lithium-ion battery cell technology, combined with Tesla’s market-leading EV powertrain technology, helps us fulfill this goal by promoting sustainable mobility. We are proud to strengthen our relationship with Tesla Motors.”
“It is an honor and a powerful endorsement of our technology that Panasonic, the world’s leading battery cell manufacturer, would choose to invest in and partner with Tesla,” said Tesla CEO and cofounder Elon Musk. “Panasonic offers the highest energy-density cells and industry-leading performance with cutting edge Nickel-type cathode technology. We believe our partnership with them will enable us to further improve our battery pack while reducing cost.”