Published on October 31st, 2013 | by Christopher DeMorro
Tesla Signs $7 Billion Deal With Panasonic
Tesla Motors is one hot commodity these days, and the electric automaker is single-handedly gobbling up every laptop battery on the planet. With its plans to grow only larger and larger, Tesla is going to need a lot of batteries, leading to a $7 billion battery deal with Panasonic that expands the original 2011 deal by another four years.
Things are looking mighty good for Tesla, and these new-and-improved battery packs will be used both in the Tesla Model S and the Tesla Model X. The deal calls for Tesla to buy some 2 billion individual laptop batteries from Panasonic. Sounds like a lot, until you consider that each of the largest Tesla battery packs uses about 7,000 individual laptop batteries each. The deal could be worth as much as $7 billion if all the batteries end up sold.
There are enough cells for an estimated 300,000 vehicles if they each came with the 85 kWh battery pack, indicating that Tesla plans for serious growth in the next five years. You better believe Wall Street loves hearing this news, as is Panasonic, which was losing some battery business to suppliers like Samsung when Panasonic couldn’t produce enough batteries last year. Seems like those problems are over though.
Tesla also announced that there are now enough Superchargers installed on the West Coast to make it from San Diego to Vancouver. Elon Musk’s plan to unite North America via a network of free, fast-charging stations is coming to fruition, and pretty soon there could be a Tesla Supercharger in your neighborhood too.