Tesla Signs Battery Supply Deal With Panasonic: Report

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  • It sets the terms for production capacity commitments by Panasonic and purchase volume commitments by Tesla over the first two years of the agreement
  • Tesla also amended the general terms and conditions of its partnership with Panasonic

As per a report by Reuters, Tesla has signed a three-year pricing deal with Japan’s Panasonic Corp in relation to the manufacture and supply of lithium-ion battery cells at the Gigafactory in Nevada as per a filing by the carmaker. The report said that Tesla and Panasonic have been reported to be in talks to expand the battery joint venture’s capacity.

The report added that deal was signed last week and is effective from first April 2020. It sets the terms for production capacity commitments by Panasonic and purchase volume commitments by Tesla over the first two years of the agreement.

Amended the general terms and conditions

As per the report, Tesla also amended the general terms and conditions of its partnership with Panasonic. It modified the term to expire 10 years after Panasonic achieves certain manufacturing milestones. The report added that last month, Tesla reported its third consecutive quarterly profit despite the economic impact of the coronavirus pandemic.

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