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Tesla, Panasonic Lock Down Gigafactory Deal

More details revealed about planned battery plant.

by on Jul.31, 2014

Tesla and Panasonic formally announced their plans to partner in the development of the new "Gigafactory" to make batteries for electric vehicles.

Electric carmaker Tesla Motors today formally locked down its alliance with Japanese electronics giant Panasonic, the two confirming they will move ahead on a planned $5 billion “Gigafactory” that is expected to become the world’s largest lithium-ion battery plant.

Tesla had earlier announced plans to build the Gigafactory, which it said was essential to its goal of taking battery cars to a more mainstream market segment with the launch of its $35,000 Model 3 later this decade.

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The partners revealed a number of new details about the battery plant as it confirmed signing a deal with Panasonic, but one fact remains unknown: where the Gigafactory will be built. The maker is considering five states for the project, which will eventually employ as many as 6,500 workers: Arizona, California, Nevada, New Mexico and Texas. (more…)

Tesla’s $5B Gigafactory at Full Tilt by 2020

by on Feb.26, 2014

Tesla's announced four states are finalists for the company's proposed gigafactory.

After teasing with a few small details last week, Tesla revealed more details on its proposed gigafactory that will provide lithium-ion batteries for its electric vehicles – and others? – for $30% less than what they cost now.

“The Gigafactory is designed to reduce cell costs much faster than the status quo and, by 2020, produce more lithium ion batteries annually than were produced worldwide in 2013,” the company declared in a blog post this afternoon.

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The plant is expected to cost between $4 billion and $5 billion, with Tesla kicking in $2 billion, the company said. Once running at full capacity in 2020, the plant is expected to produce more than 500,000 batteries, matching Tesla’s expected output of 500,000 vehicles. (more…)

Tesla Megafactory Deal Could Slash Costs for Batteries

EV maker reportedly planning $1 bil US factory with Japan’s Panasonic.

by on Feb.26, 2014

Lower cost, higher-power batteries could make vehicles like the Tesla Model S a lot more competitive.

Tesla CEO Elon Musk is expected to announce plans for a new “gigafactory” later this week, and reports out of Japan indicate the project will involve a $1 billion joint venture with electronic giant Panasonic to set up a lithium-ion battery manufacturing plant in the United States.

The two partners are expected to seek the involvement – and investment – of additional partners, according to Japan’s Nikkei. Among the key goals of the program will be a sharp reduction in the cost of the advanced batteries needed to power vehicles like the Tesla Model S.

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The reports have generated some skepticism, and neither Panasonic nor Tesla are directly discussing the reports – or the megafactory announcement the California-based automaker is expected to make on Thursday. Contacted by the AFP news service, a Panasonic official would only say the company is “studying every possible way to strengthen ties with Tesla.”

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Tesla Takes Yet Another Hit as it Runs Short of Batteries

Stock plunges on latest bad news.

by on Nov.07, 2013

Tesla tanks? And the chart doesn't show Thursday's preliminary decline.

Things to keep going from bad to worse for high-flying battery-car maker Tesla Motors – at least as far as the company’s investors are concerned, though many potential customers are in for a disappointment, as well.

The latest setback, it seems, is the result of the maker’s unexpected success winning over buyers in a market otherwise skeptical about electric propulsion. Tesla is taking so many orders it doesn’t have enough batteries to meet demand – news that once again sent its stock plunging.

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Tesla stock has been in sharp decline for the past month – after reaching a $194.50 peak in late September it was trading around $140 a share mid-morning Thursday, a drop of around $11, or over 7%, for the day.  On Wednesday, TSLA, as the stock is traded as, fell so fast that, at one point, it triggered NASDAQ’s so-called “circuit-breaker,” which is designed to slow trading by short-sellers that could drag shares down even faster.

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New Battery Deal Could Boost Tesla Production

Fires, stock slump seem to be having little impact on demand.

by on Oct.30, 2013

Despite some recent snags, there are no signs the Model S is losing sales momentum.

It’s been a rough month for high-flying Tesla Motors, but despite a pair of fires and several downgrades by industry analysts, the California electric vehicle maker remains upbeat enough to ink a deal that will substantially boost the number of batteries it buys from Japan’s Panasonic Corp.

That, in turn, suggests that Tesla is expecting to sell significantly more of its vehicles than it originally expected. It has already delayed the launch of a second vehicle, the Model X SUV, to catch up on demand for its initial offering, the Model S sedan.

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“This expanded agreement with Panasonic is important to Tesla as we continue to increase the pace of production,” the maker’s co-founder and CEO Elon Musk said in a statement. “We look forward to strengthening our relationship with Panasonic, and I’m confident that this partnership will continue to be an integral part of Tesla’s success for years to come.”

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