United States electric vehicle (EV) company Tesla has been working closely with Panasonic since nearly the beginning, and in the most recent document shared, we see that the two companies have finalized their most recent partnership contract.
On Monday, Tesla shared its entry into a new pricing agreement with Panasonic to the company website, according to a new filing with the Securities Exchange Commission (SEC):
On December 29, 2020, Tesla, Inc. and Tesla Motors Netherlands B.V. (together, “Tesla”) and Panasonic Corporation of North America and Sanyo Electric Co., Ltd. (together, “Panasonic”) entered into a 2021 Pricing Agreement (Japan Cells) (the “Agreement”), effective as of October 1, 2020 until March 31, 2022, relating to the supply by Panasonic of lithium-ion battery cells manufactured by Panasonic in Japan. The Agreement is subject to the Supply Agreement between Tesla and Panasonic (and/or their respective affiliates) dated October 5, 2011, as amended, and sets forth, among other things, specific terms with respect to pricing, production capacity commitments, purchase volume commitments and planned investments over the term of the Agreement.
Tesla and Panasonic (and/or their respective affiliates) have also entered into other previously disclosed agreements relating to the production and
supply of lithium-ion battery cells.
The filing relates to Panasonic’s supply of lithium-ion battery cells for Tesla’s EVs, as manufactured in Japan. Additionally, the agreement is effective through the end of March 2022, and includes production capacity commitments, purchase volume commitments, and planned investments that will take place in the meantime.
Panasonic is also expected to begin building prototypes of Tesla’s new 4680 battery cells, expected to eventually be built and supplied by Tesla themselves. Until then, however, Panasonic will be a major contributor of batteries to Tesla’s highly-sought after EVs.
