Panasonic willing to increase investment in Gigafactory

Panasonic, the sole supplier of automotive batteries for Tesla’s current production models, has stated it is willing to increase its investment beyond its current $1.6 billion.

On Monday, Panasonic Corp, which is already partnering with Tesla Inc in its Gigafactory, stated it would considering increasing its investments in the the automaker’s automotive battery plant in Nevada if Tesla were to request so.

Panasonic has invested around $1.6 billion in Tesla’s $5 billion “Gigafactory”.

Yoshio Ito, the chief of Panasonic’s automotive business stated it “would consider additional investment if we are requested to do so,” at a media round table in response to a question regarding whether the Japanese giant is likely to increase its investment in the Gigafactory in the near future.

Incidentally, Panasonic is the sole supplier of automotive battery cell for Tesla’s current production models. Panasonic produces them in Japan as well as in Tesla’s Gigafactory, which Panasonic operates jointly.

This development comes in the wake of Ito stating last week at Panasonic’s AGM that as a result of a surge in Tesla’s production of the Model 3, Panasonic saw occasional shortages in automotive battery cells.

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