July 28, 2021

Tesla Signs New Long-Term Battery Agreement With Panasonic

After again setting record deliveries in the fourth quarter of 2020, Tesla Inc (NASDAQ: TSLA) is continuing to look forward and push to manufacture more electric vehicles in 2021.

An SEC filing on Tesla’s website, covered by Teslarati, shows that Tesla has signed a new long term agreement with Panasonic Corporation (Pink: PCRFY) for battery cells made in Japan.

The agreement spans from Oct. 1, 2020 until March 31, 2022.

No pricing details have been disclosed yet, but Panasonic cells from Japan are known to be used in Tesla’s Model S and X, so an update related to those vehicles could be coming soon.

A refreshed S and X are expected sometime this year, relating to Tesla’s Plaid architecture, which will make the vehicles quicker, with bigger batteries, longer range and faster charging speeds.

Click here to check out Benzinga’s EV Hub for the latest electric vehicle news.

Last month, Tesla shut down the company’s S and X production lines to make manufacturing updates.

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