Panasonic will begin producing its new lithium-ion battery for Tesla as early as 2023, according to the Nikkei, with plans to invest roughly 80 billion yen ($705 million) in production facilities in Japan.

The Nikkei stated that the powerpack might help make electric vehicles (EVs) more appealing to motorists by boosting cruising range by nearly a fifth, without specifying where it got the information.

“We’re looking into a variety of mass-production solutions, including a test line that we’ll be launching this fiscal year. We don’t have anything to announce at this time, though “In a statement, Panasonic said.

In October, Panasonic launched the 4680 size battery (46 millimetres width by 80 millimetres tall). It is intended to help Tesla decrease production costs because it is around five times larger than the batteries it now sells.

Panasonic will produce the 4680 batteries at a plant in Wakayama, Western Japan, with an annual output of fewer than 10 gigawatt hours, or about 150,000 automobiles, according to the Nikkei.

Even as Tesla searches out battery suppliers in China and elsewhere, Panasonic is the exclusive manufacturer of the more advanced Tesla battery, guaranteeing it remains a crucial supplier to the EV maker, at least for its higher-end models.

By Bizemag Media

Bizemag Media is a reputed name and fast growing MarTech Broadcast Media Firm with success stories in USA, Canada, Europe, Africa & India