In the third quarter of 201
In September, the head of Panasonic's Automotive division said the company would complete three new production lines at Tesla's Gigafactory in Sparks, Nevada. That would increase the total number of battery cells producing lines to 13 at Gigafactory.
The Panasonic model 3, the bottom line, did not have the same effect on Tesla, which posted its first profitable quarter in several quarters last week. The shares went up.
Panasonic does not seem to find the dramatic increase in costs to be in vain. According to Reuters Panasonic CEO Kazuhiro Tsuga said that the company wants to continue to invest in the capacities of the Gigafactory. Tsuga added that Panasonic is focusing on capacity building in Nevada before considering building capacity at the planned Tesla factory in Shanghai. Tesla had bought land in the Chinese city earlier this month.
"Investing in capacities over 35 GWh means that Tesla also needs to make significant investments in vehicle production, so we will be working closely together," Tsuga said. according to Reuters.
Tsuga reportedly said he was concerned about the behavior of Tesla boss Elon Musk, who attacked his allegations of violating federal securities laws with his tweets by the Securities Exchange Commission (SEC). (Musk recently reached an agreement with the SEC that contained conditions that would force him to resign as chairman of Tesla.) However, Tsuga said that as long as Tesla continues to work without much ado, Panasonic is ready to remain a partner. "Although Elon's comments are unpredictable, we will continue to monitor Tesla's operations to ensure no chaos and work with the company," Tsuga told Reuters.