Panasonic says it is developing a new battery cell for Tesla

Panasonic says it is developing a new battery cell for Tesla

Panasonic said on Thursday it is working to develop a new battery cell for Tesla based on the US electric vehicle maker’s new cell format, as the Japanese company moves forward in its decade-long partnership with Tesla.

Tesla The new battery cell, a larger cylindrical format called the 4680 that can store more energy and is easier to make, is key to achieving the goal of cutting battery costs in half and increasing battery production by nearly 100 times by 2030.

“We have considerable knowledge for that battery”, Panasonic Chief Financial Officer Hirokazu Umeda said in a briefing that the company reported an 11 percent increase in second-quarter operating profit, beating analyst estimates.

“We started working on it immediately after Tesla battery day (in September) and they are also preparing to set up a parallel prototype production line, “he added.

Panasonic’s decision to work on the new cell for Tesla comes as strong sales from Tesla EV have stabilized earnings at its battery joint venture in Nevada after several years of production problems and delays at the US partner.

Umeda also said the company has decided to launch an additional production line at the Nevada factory next year, increasing the plant’s total capacity by about 10 percent to 38-39 gigawatt hours (GWh) per year around 2022. .

“Our goal is a profit margin of around 5 percent in our Tesla battery business within two to three years,” he added.

Panasonic’s operating profit from July to September increased to 92.8 billion (approximately Rs 6,632 million), compared to 83.9 billion yen (approximately Rs 5,995 million) a year ago.

Tesla has said that it plans to manufacture its own battery cells in several highly automated factories around the world, but will also continue to use its existing cell suppliers, Panasonic, South Korea. LG Chem and the contemporary Amperex from China.

With advanced battery cell design and new manufacturing processes, the CEO of Tesla Elon musk promised to cut battery costs in half and deliver an “affordable” electric car in several years, though experts have questioned how quickly they can be implemented.

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