This post first appeared on FloatingPath
Tesla Motors Inc (NASDAQ:TSLA) recently announced a new deal with electronic giant Panasonic to increase its lithium-ion battery supply as it ramps up vehicle production.
The new Panasonic batteries will be used in upcoming iterations of the Model S as well as the soon-to-be-released Model X. The Model X is Tesla Motors Inc (NASDAQ:TSLA)’s shot at the performance SUV market where it hopes to make the same splash the Model S did with high-end sedan buyers.
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The batteries are designed specifically to address the common public fear of longevity or “range anxiety.” Tesla CEO Elon Musk has publicly fought this battle since the Model S roll out and has nothing but positive comments on the Panasonic partnership.
“This expanded agreement with Panasonic is important to Tesla as we continue to increase the pace of production. We look forward to strengthening our relationship with Panasonic, and I’m confident that this partnership will continue to be an integral part of Tesla’s success for years to come.”