REPORT: Tesla Signs Deal With Panasonic On Gigafactory

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tesla gigafactory

Tesla Motors

Nikkei.com is reporting Tesla has signed a deal with Panasonic to have the industrial giant supply the electric automaker with the machinery to stock its first Gigafactory.

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The deal is worth between $194-$291 million. Overall investment in the project could climb to $5 billion, with Panasonic share climbing to $1 billion, Nikkei says.

A Tesla representative declined to comment on the report.

Tesla was up more than 2% Monday.

Tesla is hoping to begin construction on its first Gigafactory later this year. The company wants to double the world's supply of lithium ion batteries by 2020.

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