Tesla Urges Panasonic To Fast-Track Development Of Next-Gen Batteries

Tesla, Inc TSLA urged Panasonic Holdings Corporation PCRFY to speed up the development of its next-generation 4680 batteries, Bloomberg reports as per Panasonic CFO Hirokazu Umeda.
Umeda disclosed ongoing robust demand for batteries at a post-results briefing, including the 2170 cells it supplies for Tesla’s electric vehicles.
Umeda said, “We seeing continued strong demand from Tesla, for 2170 batteries, but also faster development of the 4680.”
Panasonic CEO Yuki Kusumi looked to invest 600 billion yen ($4.6 billion) in automotive batteries, supply chain software, and other areas the company sees as core to its growth.
Panasonic has been exploring sites in Oklahoma and Kansas for its multibillion-dollar factory to increase investment in EV cell production, and their proximity to the Tesla factory was critical for future growth.
Panasonic looks to manufacture the bigger and more powerful 4680 batteries at its planned U.S. factory.
Panasonic was betting on the newly-developed technology championed by Tesla CEO Elon Musk as the key to unlocking $25,000 EVs to open up doors to supply other automakers in addition to Tesla.
Price Action: TSLA shares traded lower by 2.55% at $779.60 on the last check Wednesday.
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