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Tesla (NASDAQ:TSLA) supplier Panasonic Corp (OTC: PCRFF) (OTC:PCRFY) showcased its 4680 cylindrical battery that Elon Musk has called the lowest-cost way to power an electric car, the Wall Street Journal reports.
What Happened: The lithium-ion battery, which gets its name from being 46 millimeters in diameter and 80 millimeters high, is more significant than previous battery cells Panasonic has supplied to Tesla.
The battery is around five times the size of those currently used by Tesla, Reuters reports.
Interestingly, Panasonic had no plans to make cheaper Lithium Iron Phosphate (LFP) batteries for more affordable EVs. It implies Tesla is buying those from China's Contemporary Amperex Technology Co (CATL) for some China-made Model 3 and Model Ys and entry-level Model 3s in the U.S.
Tesla sees the delivery of vehicles with battery packs composed of 4680 cells by 2022. However, Musk admitted challenges associated with manufacturing the new battery on a large scale.
Why It Matters: Panasonic plans to start test production of the 4680 battery cells in Japan by March 2022. Panasonic battery unit head Kazuo Tadanobu described the product as tailor-made to Tesla's requirements and said Panasonic planned to supply it to the U.S. company.
Tadanobu said Tesla was ready to buy everything Panasonic could make because of the higher demand for EVs.
Panasonic's annual North American battery capacity has risen, which would be enough to provide batteries for more than 400,000 Tesla Model S vehicles.
Price Action: TSLA shares are trading higher by 9.41% at $995.30 on the last check Monday.
