Tesla has announced a new battery supply agreement with Panasonic. This is the latest in a number of recent moves by Tesla to secure a stable battery supply in light of its ambitious plans to ramp up production of electric vehicles.
A document filed with regulators confirms that Tesla and Panasonic last week signed a “2021 Pricing Agreement” that will run until March 31, 2022. The agreement relates to the supply of lithium-ion battery cells manufactured by Panasonic in Japan. It builds on the original agreement signed back on October 5, 2011, with subsequent amendments. The agreement sets out commitments for production capacity, purchase volumes and investments planned during the term.
Panasonic has previously supplied batteries made in Japan to Tesla. They were used in the Model S and Model X electric vehicles. Panasonic recently announced that it is starting production of new battery cells with higher performance.
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