Tesla Signs New Long-Term Battery Agreement With Panasonic

After again setting record deliveries in the fourth quarter of 2020, Tesla Inc TSLA is continuing to look forward and push to manufacture more electric vehicles in 2021. 

An SEC filing on Tesla's website, covered by Teslarati, shows that Tesla has signed a new long term agreement with Panasonic Corporation PCRFY for battery cells made in Japan.

The agreement spans from Oct. 1, 2020 until March 31, 2022. 

No pricing details have been disclosed yet, but Panasonic cells from Japan are known to be used in Tesla's Model S and X, so an update related to those vehicles could be coming soon.

A refreshed S and X are expected sometime this year, relating to Tesla's Plaid architecture, which will make the vehicles quicker, with bigger batteries, longer range and faster charging speeds.

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Last month, Tesla shut down the company's S and X production lines to make manufacturing updates.

Photo courtesy of Tesla.