Japan’s Panasonic unveiled a new prototype battery specifically for U.S. electric-car maker Tesla. The advanced battery has five times current capacity. The battery will cost 50% less to produce and help boost battery production at Panasonic “100-fold,” by 2030. Panasonic shares rose nearly 6% on the news.
Panasonic Prototype Battery For Tesla
The company’s battery chiefKazuo Tadanobu unveiled the new battery for the first time at a media roundtable, he also said Panasonic had no plans to make cheaper Lithium Iron Phosphate (LFP) EV batteries.
Panasonic this year established a test line in Japan to make the 4680 format, which is a 46 mm (1.6 inches wide) and 80 mm tall battery cell that Tesla says will store more energy, halve battery costs and drive a 100-fold increase in battery production by 2030.
Referring to Tesla “We have developed this because of the strong desire of the other party, and we think this can only lead to stronger ties,” Tadanobu said.
Panasonic’s commitment to deepening business ties with Tesla is at a time when the EV maker diversifies its suppliers beyond the Japanese company, forging supply contracts with South Korea’s LG Energy Solution, owned by LG Chem, and China’s Contemporary Amperex Technology Co. (CATL). TSLA also inked long term supply contracts with BHP and others to supply roar material such as Lithium and Nickel with commodity powerhouses like BHP to insulate itself better from supply crunches.
Source: AutoNews, TC
From The TradersCommunity News Desk