Tesla renews deal with Panasonic for battery supply

Tesla has signed a three-year pricing deal with Japanese cell maker Panasonic relating to the manufacture and supply of lithium-ion battery cells at Tesla’s gigafactory in Nevada, in the United States, the electric vehicle (EV) maker disclosed in a filing with the US Securities and Exchange Commission on Tuesday June 16.

The terms of the agreement were not disclosed in the filing.

The deal – signed on June 10 – was effective on April 1 of this year and runs through March 31, 2023, according to the filing.

Tesla also disclosed that the deal outlines the terms for pricing, production capacity commitments by Panasonic and purchase volume commitments by Tesla for the first two years of the agreement.