You’re probably aware of the fact that Tesla has been partnered Panasonic (OTC: PCRFY) for quite a while.
The two have been working together on Tesla’s much-anticipated Gigafactory, even going so far as to make plans for a second Gigafactory in Japan. In fact, the partnership turned Panasonic into the world’s largest EV lithium battery producer — an valuable position to hold considering the energy storage sector is growing at a tremendous pace.
But will Panasonic’s spot at the top be stolen away? It’s more than possible, dear reader.
In fact, Panasonic’s place as Tesla’s only battery supplier is already gone.
On Wednesday, October 28, Tesla announced a new partnership with Korean LG Chem to help fix up the car company’s discontinued Roadsters.
With all of the crazy innovations being made for Tesla’s newer Model S vehicles (longer ranges, slightly autonomous driving, and Ludicrous mode to name a few), the company still wants to send a little love to the owners of its original sports vehicle.
So, LG Chem will install new lithium batteries, as well as other vehicle improvements, in the Roadsters, which will cost owners roughly $29,000.
It should be well worth the cost, considering the new battery will increase the Roadster’s range to about 400 miles — which is even farther than the current Model S design.
Now that LG Chem has a connection to the company literally driving the EV market upward, the company is expected to experience considerable growth.
That isn’t to say the company wasn’t already well-off on its own, mind you…
Even a quick glance at the EV market, LG Chem currently supplies batteries to General Motors, Ford, Audi, and Renault, with the very real possibility of becoming the battery supplier of Nissan as well.
Each of those car companies is either working on a hybrid or an all-electric vehicle, which is practically a necessity these days, given the push for cleaner energy and lower emissions levels.
But who will win the most business in the future: LG Chem, or Panasonic?
Either way, Tesla is keeping its position at the top of the EV market for now.
And it’s a win-win situation for lithium investors, who will see an intense rush for companies like Tesla desperately searching for a secure lithium supply in the near future.
To continue reading…
Click here to read the Wall Street Journal article. (May need a subscription to read in full.)
Until next time,
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