Panasonic To Invest $100M In Tesla Battery Plant: Report

When it comes to electric vehicle production, batteries are the name of the game. Tesla Inc TSLA, in its partnership with Panasonic Corporation PCRFY, produces more batteries for the company's fleet of EVs than any other vehicle producer. Now it looks like that capacity will be expanded even further.

A Wednesday report from Nikkei said that Panasonic is investing $100 million to increase the factory's battery production capacity.

Tesla and Panasonic co-own and share Gigafactory Nevada, where most of Tesla's batteries are made. The investment will be made at this factory, which presently has 13 lines; the money will be used to add one additional line.

This marks the first capacity increase since the factory was opened in 2017.

Benzinga's Take: This news may be mentioned on Sept. 22 during Tesla's battery investor day. Tesla CEO Elon Musk has said in the past that the company's biggest bottleneck will be battery production.

Now it looks like the company is addressing that, as it also builds a new U.S.-based Gigafactory in Austin, Texas, which is expected to produce the Cybertruck, Model Y and Model 3. 

Photo courtesy of Tesla.