Tesla signs new agreement with Panasonic to supply batteries

Reuters / ARND WIEGMANN

Carmaker Tesla has signed a new agreement with Japanese company Panasonic for the production of lithium-ion batteries at the Gigafactory in Nevada. This became known from the form Form 8-K , sent by Tesla to the US Securities and Exchange Commission ( SEC).

The new agreement is an amendment to the existing contract between the companies on October 1, 2014, regulating specific terms for Panasonic regarding the production of lithium-ion batteries for Tesla.

how Panasonic will reach certain milestones. Tesla, without going into details, said the new deal concerns specific terms and conditions agreed by the parties regarding pricing, planned investments and new technologies, as well as Panasonic’s commitment to increase production capacity and Tesla’s procurement commitments during the first two years of the new agreement. .

Although the agreement was signed on June 10, it entered into force on April 1 of this year and will remain in effect until March 31, 2023.

In May, Panasonic hinted that it was working on new batteries with Tesla, possibly larger capacity. Although Panasonic is no longer the exclusive battery supplier for Tesla, the company has decided to continue the joint business by battery production in the United States as demand for Tesla electric vehicles grows and the Nevada plant becomes profitable.

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