July 31, 2014 / 7:51 AM / 3 years ago

Panasonic reaches agreement on Tesla battery factory

TOKYO, July 31 (Reuters) - Panasonic Corp and Tesla Motors Inc said on Thursday that they have agreed to a partnership to construct a large-scale battery plant planned by Tesla in the United States, known as the Gigafactory.

Under the agreement, Tesla will prepare, provide and manage the land while Panasonic will manufacture and supply cylindrical lithium-ion cells and invest in the equipment, machinery and other manufacturing tools, they said in a joint statement.

The companies did not provide an investment amount. A source told Reuters this week that Panasonic planned to initially invest about 20 billion to 30 billion yen ($200-300 million) in the plant. (Reporting by Sophie Knight; Editing by Chris Gallagher and Edmund Klamann)

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