Tesla, Wall Street darling and maker of Prius-defying high-end electric cars, is partnering with Japanese electronics giant Panasonic in its plan to build a large manufacturing facility in the US. Tesla is calling the battery manufacturing plant the GIGAFACTORY. Panasonic will "manufacture and supply cylindrical lithium-ion cells and invest in the associated equipment" while Tesla will "prepare, provide and manage the land, buildings and utilities" according to a release. Reuters learned that Panasonic will invest more than $200 million at first with plans to invest up to $1 billion. The proposed cost of the factory is $5 billion.
Panasonic already manufactures batteries for Tesla. The GIGAFACTORY aims to improve on the current technology as well as supply. The plan calls for a fully operational facility in 2020. The location has not yet been determined.
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