Panasonic Strengthens Collaboration with Tesla by $30 Million Investment

Nov 04, 2010
  • 20101104_01Panasonic_Tesla.jpg
    Naoto Noguchi (left) and Elon Musk (right) mark the start of the new stage in the Panasonic-Tesla collaboration.

Panasonic Corporation announced today that it will invest $30 million in Tesla Motors to build upon a multi-year collaboration in order to accelerate the market expansion of electric vehicles.

Tesla currently uses Panasonic battery cells in its advanced battery packs and has collaborated with Panasonic on the development of next generation battery cells designed specifically for electric vehicles. While Tesla's current battery strategy incorporates proprietary packaging using cells from multiple battery suppliers, Tesla has selected Panasonic as its preferred lithium-ion battery cell supplier for its battery packs.

In addition to producing its own vehicles, Tesla also builds electric powertrains, including battery packs, for other automobile manufacturers. Panasonic and Tesla have agreed to explore joint marketing and sales of battery packs that would be designed and assembled by Tesla using Panasonic's battery cells.

Regarding the investment, Mr. Naoto Noguchi, President of Panasonic Energy Company states,

"Panasonic aims to be the No. 1 Green Innovation Company in the Electronics Industry by 2018, the 100th anniversary of our founding. 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."

Tesla CEO and cofounder Mr. Elon Musk also comments on the partnership.

"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. Panasonic offers the highest energy-density cells and industry-leading performance with cutting edge Nickel-type cathode technology. Our partnership with them will enable us to further improve our battery pack while reducing cost."

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