The Japanese company acquired a large amount of Tesla common stock (private placement) at a price of $21.15 per share, expanding the two companies; previously established partnership.
Panasonic has chosen this pathway as the company is one of the world’s leading battery cell manufacturer and a diverse supplier for the automotive industry.
“Panasonic aims to be the number one Green Innovation Company in the Electronics Industry by 2018, the 100th anniversary of our founding,” said Naoto Noguchi, President of Energy Company, a unit of Panasonic responsible for the battery cell business. “Our sophisticated lithium-ion battery cell technology, combined with Tesla’s market-leading EV powertrain technology, helps us fulfill this goal by promoting sustainable mobility. We are proud to strengthen our relationship with Tesla Motors.”
“It is an honor and a powerful endorsement of our technology that Panasonic, the world’s leading battery cell manufacturer, would choose to invest in and partner with Tesla,” said Tesla CEO and cofounder Elon Musk. “Panasonic offers the highest energy-density cells and industry-leading performance with cutting edge Nickel-type cathode technology. We believe our partnership with them will enable us to further improve our battery pack while reducing cost.”
Tesla vehicles currently uses Panasonic battery cells, as the carmaker has selected Panasonic as its preferred lithium-ion battery cell supplier. In addition to that, the two companies are working together to develop a future generation of battery cells, which are being engineered specifically for electric vehicles.
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