Panasonic plans to produce a new lithium-ion battery for Tesla by 2023. Panasonic batteries are expected to be more powerful than Tesla batteries and increase the range of electric vehicles by up to 20 percent.
According to Nikkei Asia, the Japanese company plans to invest about $705 million in new batteries for Tesla from the beginning of 2023. The Panasonic battery is estimated to be twice as large as the one currently used in Tesla. In addition, its energy efficiency will be increased 5 times.
The new battery is expected to increase the car's range from about 650 kilometers to 750 kilometers.
Also Read: 5 Tips to Save your Electric Car's Battery Health
Panasonic's new batteries will be mass-produced at its Wakayama plant in Japan. Panasonic batteries will be sold to Tesla as well as other companies.
