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Panasonic Debates Tesla Investment
Panasonic Corp. continues to debate how much it will invest in Tesla Motors Inc. huge electric-car battery "gigafactory," and the company is skeptical of Tesla's claim that the plant will be able to cut battery costs 30%, The Wall Street Journal reports.
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Panasonic Corp. continues to debate how much it will invest in Tesla Motors Inc. huge electric-car battery "gigafactory," and the company is skeptical of Tesla's claim that the plant will be able to cut battery costs 30%, The Wall Street Journal reports.
Yoshio Ito, who heads Panasonic's automotive unit, tells reporters "it isn't that easy" to reduce a battery's cost, which accounts to a big part of an EV's overall price. The Journal notes that Panasonic's leadership is cautious about a big investment after spending two years restructuring its television, mobile phone and chip making businesses to reverse $15 billion (1.5 trillion yen) in losses.
Tesla CEO Elon Musk says high volume and strong vertical integration are keys to driving down battery cost. The company plans to break ground for its 10 million-square-foot factory somewhere in the western U.S. within weeks. The company tells the Journal it isn't worried about Panasonic's lack of final commitment. It reiterates that Panasonic will be its largest and only battery-making partner in the venture.
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