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REPORT: Tesla Signs Deal With Panasonic On Gigafactory

Rob WileJul 29, 2014, 00:13 IST

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.

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.

Click here to read the full story on Nikkei.com »