Panasonic Agrees to Help Musk Build Tesla’s ‘Gigafactory’
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Panasonic Corp. agreed to help set up the battery factory that Tesla Motors Inc. Chairman Elon Musk needs to sell more electric cars, without settling its share of the investment costs.
Panasonic will build cylindrical lithium-ion cells and provide equipment, machinery and other tools for Musk’s “Gigafactory,” the Osaka, Japan-based company said today in a joint statement with Tesla. The companies said they were still discussing the details, including Panasonic’s financial contribution to the facility, which Tesla has estimated could cost as much as $5 billion by 2020.