Panasonic Corporation and Tesla Motors finalize supply agreement for automotive-grade lithium-ion battery cells
Panasonic Corporation and Tesla Motors finalized a supply agreement for automotive-grade lithium-ion battery cells. The agreement supplies Tesla with Panasonic’s lithium-ion battery cells to build more than 80,000 vehicles over the next four years.
The agreement guarantees the availability of enough cells in 2012 to meet Tesla’s planned aggressive production ramp-up and fulfillment of more than 6,000 existing Model S reservations. This supply agreement helps ensure Tesla will meet its cost and margin targets for Model S.
This agreement builds upon a multi-year collaboration between Panasonic and Tesla to develop next-generation automotive-grade battery cells and accelerate the market expansion of electric vehicles. (Earlier post.) In 2009, Panasonic and Tesla initially entered into a supply agreement. In 2010, Panasonic invested $30 million in Tesla to deepen the partnership and foster the growth of the electric vehicle industry. (Earlier post.)
Panasonic supplies cells using its nickel-type cathode technology. Panasonic and Tesla together have developed a next-generation battery cell based on this nickel chemistry and optimized specifically for electric vehicle quality and life.