Panasonic ready to start big investment in Tesla Gigafactory
Yes, Panasonic will invest "tens of billions of yen" into the Gigafactory slated for the great state of Nevada, Reuters says, citing comments from Panasonic Chief Executive Kazuhiro Tsuga. That's not exactly specific, but 10 billion yen is equal to about $92 million. We've heard Panasonic's share of the new factory could be as high as $2-3 billion, but at least now we have a starting point
Whatever Panasonic's kicking in, Nevada is also ponying up a pretty penny. Last month, Tesla said it would build the factory near Reno after reaching an agreement that calls for about $1.2 billion in incentives from the state over a 20-year period.
Tesla and lithium-ion battery maker Panasonic officially announced their gigafactory partnership in late July, though Panasonic wasn't talking numbers at the time. All told, the plant is expected to cost about $5 billion to build and is considered necessary for Tesla to reach the scale to build its planned $35,000 EV, the Model 3. That's because the factory is will have the capacity to produce about a half-million (no, we didn't say "billions") electric vehicles a year.
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