Tesla signs 3-year Lithium Ion Battery pricing Agreement with Panasonic

SMM: Tesla has signed a three-year pricing agreement with Japan's Panasonic to produce and supply lithium-ion batteries at its Tesla Nevada super plant, Tesla disclosed in a regulatory filing.

Tesla said the agreement, signed last week, set out specific terms for pricing, planned investment and new technology on both sides, as well as Panasonic's capacity and the amount Tesla bought in the two years before the deal.

The effective date of the agreement is from April 1, 2020 to March 31, 2023. Tesla and Panasonic have also signed other previously disclosed agreements on the production and supply of lithium-ion batteries. Panasonic also invested $30 million in Tesla common stock in a private placement in November 2010.

Panasonic is no longer Tesla's exclusive battery supplier, but the joint venture between Panasonic and Tesla in the United States has seen a marked improvement in business as sales of Tesla's electric vehicles have improved. Despite the impact of the epidemic on the global economy, Tesla made a profit for the third consecutive quarter, which pleased investors.

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