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Panasonic introduced a more advanced prototype battery with five times the storage capacity of current ones on Monday, with the company’s battery boss stating it will assist improve commercial connections with Tesla (NASDAQ: TSLA) Inc.
During a media roundtable when Kazuo Tadanobu first revealed the new battery, he also stated that Panasonic (OTC: PCRFY) has no intentions to produce cheaper Lithium Iron Phosphate (LFP) electric car batteries.
Panasonic established a test line in Japan this year to manufacture the 4680 format (46 millimeters wide and 80 millimeters tall) battery cell, which Tesla claims can store more energy, cut battery costs in half, and drive a 100-fold increase in battery manufacturing by 2030.
“We have developed this because of the strong desire of the other party, and we think this can only lead to stronger ties,” Tadanobu said.
Panasonic’s pledge to strengthening commercial connections with Tesla comes as the EV maker diversifies its suppliers beyond Panasonic, signing supply contracts with South Korea’s LG Energy Solution, which is controlled by LG Chem, and China’s Contemporary Amperex Technology Co. (CATL).
Story by : Norvisi Mawunyegah