Panasonic to invest USD 700 million to produce Tesla EV battery

Panasonic will begin producing its new lithium-ion battery for Tesla from as early as 2023, with plans to invest about 80 bn yen ($705 mn) in production facilities in Japan, the Nikkei reported on Monday. The powerpack could help make electric vehicles (EVs) more attractive to motorists by extending cruising range by about a fifth, the Nikkei reported. “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. Panasonic unveiled the 4680 format (46 mm wide and 80 mm tall) battery in October. At around five times as big as batteries it currently supplies to Tesla, it is also expected to help to lower production costs.