Panasonic, Tesla to build big US battery plant

(MGN Online)
(MGN Online)
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Updated: 7/31 12:43 pm

TOKYO (AP) — American electric car maker Tesla Motors Inc. is teaming up with Japanese electronics company Panasonic Corp. to build a battery manufacturing plant in the U.S. expected to create 6,500 jobs.

The companies announced the deal Thursday, but they did not say where in the U.S. the so-called "gigafactory," or large-scale plant, will be built.

The plant will produce cells, modules and packs for Tesla's electric vehicles and for the stationary energy storage market, employing 6,500 people by 2020.

Under the agreement, Tesla, based in Palo Alto, California, will prepare, provide and manage the land and buildings, while Osaka-based Panasonic will manufacture and supply the lithium-ion battery cells and invest in equipment for manufacturing.

The project will cut costs to better meet mass production needs for electric vehicle batteries.

©2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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