Tesla Motors Reaches Agreement with Panasonic to Receive 2 Billion Automotive Grade Lithium-Ion Battery Cells Over Four Years - Video News Alert Posted on InvestmentPitch.com
Vancouver, British Columbia--(Newsfile Corp. - November 4, 2013) - Tesla Motors (NASDAQ: TSLA) reached an agreement with Panasonic, whereby Panasonic is expanding its supply of automotive grade lithium-ion battery cells to the car company. It will now supply 2 billion battery cells to Tesla.
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As a point of reference one car requires close to 7000 cells to power up. That means all of these cells will be used to power around 300,000 new vehicles over the next four years - including the award winning Model S, and the upcoming Model X. The Model X is a performance utility vehicle scheduled for production by the end of next year, that's 2014. This agreement suggests a significant expansion for Tesla.
Elon Musk, CEO and Co-founder of Tesla said "This expanded agreement is important to Tesla as we continue to increase the pace of production. We look forward to strengthening our relationship with Panasonic, and I'm confident this partnership will continue to be an integral part of Tesla's success for years to come."
The companies have developed a next-generation battery cell that provides the highest energy density and the best performance cells in the market. Panasonic's cylindrical cell is a customized technology made to optimize electric car quality and life. These enhanced cells are then integrated into the Tesla battery pack to enable an approximate range of 265 miles for the Model S.
Tesla's goal is to accelerate the world's transition to electric mobility by providing a full range of increasingly affordable electric cars. To date they've delivered over 15 thousand electric vehicles to customers in 37 countries, recently entering the European market, with Asia expected to be next. A customer in China reportedly paid more than $400,000 for a model S, for the privilege of being the first person in Asia to own one.
In California, Tesla is now the third biggest selling luxury car, behind the Mercedes E Class and the BMW 5 Series.
Tesla's shares were trading at $160 on November1, 2013.
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Barry Morgan, CFO