Tesla’s Li-ion battery supplier to increase production

Panasonic has told the Japan Times that it will increase domestic production of lithium-ion automobile batteries in order to meet robust demand in the US.

The giant electronics maker said that it will restart idled production lines at an Osaka factory that produces batteries for Silicon Valley standard-bearer Tesla Motors as early as January, while another Osaka factory, which was shut down in March, will reopen by the end of March 2014.

Panasonic’s operating profit jumped by two-thirds in the first quarter, helped by a shift away from consumer electronics and into products for businesses, including automotive systems and solar panels, Reuters reported. Its small battery business, which includes lithium-ion batteries, posted an operating profit of 4.1 billion yen (around $42 million) in the April-June quarter.

 

Image: Theron Trowbridge (flickr)
Sources: Japan Times, Reuters, NBC News