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Panasonic May Add $7 Billion Sales From Tesla Cell Contract – Bloomberg

A Tesla Model S automobile, produced by Tesla Motors Inc. Photographer: Krisztian Bocsi/Bloomberg
Panasonic Corp. (6752) won a contract to supply cells to Tesla Motors Inc. (TSLA)’s electric vehicles in a deal that may generate $7 billion in revenue.
The biggest supplier of lithium-ion batteries used in electric cars will supply 2 billion lithium-ion battery cells to the Palo Alto, California-based automaker in the four years through 2017, the Osaka-based company said in a statement yesterday. That compares with about 200 million units shipped for Tesla in the past two years, according to Chieko Gyobu, a Panasonic spokeswoman.
The company is considering moving workers from personal computer and mobile phone divisions into units developing rechargeable batteries for cars and industrial uses, Megumi Kitagawa, a Panasonic spokeswoman, said in a phone interview. The Tesla contract to supply Model S and Model X vehicles may add about $7 billion in sales and cement Panasonic’s position as the largest supplier for electric cars, said Ali Izadi-Najafabadi, a Bloomberg New Energy Finance analyst.


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