Panasonic To Sink “Tens of Billions Of Yen” Into Tesla's Gigafactory

Panasonic is heavily-invested in Tesla in more ways than one.

Panasonic is already heavily-invested in Tesla -- the Japanese electronics giant makes the 7,000 lithium-ion battery cells that go into every Model S car.

And now Panasonic is investing big in Tesla's so-called "gigafactory" that will build batteries outside Reno, Nevada.

Panasonic will sink "tens of billions of yen" into the factory, the company's leader said at a recent trade show.

That means hundreds of millions of dollars, the San Jose Mercury News reported, and that's just an "initial investment," according to Chief Executive Kazuhrio Tsuga.

Tesla says that the factory will employ about 6,500 people and build batteries for an upcoming Model 3, an electric car for the masses priced at $35,000.

Panasonic has also established a new company -- Panasonic Energy Corporation of North America -- that's based in Sparks, Nevada, where Tesla is building the much-hyped gigafactory.

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