Panasonic Corp. (NYSE: PC) was chosen by Tesla Motors to be its supplier of lithium-ion battery cells on Tuesday.
Panasonic will be supplying enough batteries for Tesla to produce 80,000 Model S vehicles over the next four years. Batteries will also be provided by 2012 for the 6,000 preordered vehicles.
“Panasonic will supply lithium ion cells for EVs that can achieve longer range with large energy density. It is our pleasure to start supplying the cells for Tesla’s Model S and promote sustainable mobility,” said Masato Ito, President, Energy Company of Panasonic Corporation.
Panasonic and Tesla have developed a line of batteries that are made specifically for electric automobiles. The two companies began teaming up in 2009 when Panasonic supplied Tesla with battery cells to go into the battery packs for the Tesla Roadster sports car, according to CNET News. In 2010 Panasonic made a $30 million investment in Tesla to help their partnership and provide funds towards the electric vehicle market.
The Model S needs to be a success in order for Tesla to have a secure financial future as the company decreases sales and production of its Roadster sports car model. The Model S will be available to consumers by next year.
That’s all for now,