Panasonic will commence mass production of new Tesla batteries

Panasonic Corporation on Monday announced that it will start the mass production of a new lithium-ion battery for Electric Vehicle manufacturer- Tesla by the end of 2024. It will produce these batteries in its factory situated in Japan. It will produce the 4680 format battery that Panasonic launched last year in the month of October. This new battery is reportedly five times bigger than the current batteries it supplies to the American EV manufacturer. This will eventually result in a longer driving range along with low production costs for Tesla. According to reports, these batteries will be manufactured at the Panasonic’s Wakayama factory on its two new production lines. This surely will encourage car buyers to shift to electric vehicles and to promote electric mobility. Recently there has been an increase in demand for electric cars in the automobile industry. America, China, and Europe have emerged as the biggest market for these Electric Vehicles. America-based, Tesla Motors is the leading player in this industry. It has a market share of around 14%. Tesla’s Model 3 has been one of the highest-selling Electric vehicles around the globe. The production and supply of these batteries to Tesla will certainly boost its sales in the coming years.