The electronics company Panasonic would consider investing in the American automobile industry Tesla. It would invest in the Giga Factory of the Tesla said an executive at the Japanese conglomerate on Monday.
The investment is more likely to amount to $1.6 billion as Panasonic has decided to take part in the making of the automotive battery plant which is jointly operated by the state of Nevada and Tesla in the United States.
“We would, of course, consider an additional investment if we are requested to do so,” said the chief of Panasonic Yoshio Ito. He gave the statement while speaking at a media roundtable and responding to a query.
The early staged investment by the Japanese company Panasonic is at the final verge. However, the company has not announced any further investments in the Tesla auto.
The news came after Tesla achieved its target of producing 5000 model of 3 electric sedans on early Sunday. A few hours after the goal set by Elon Musk Chief Executive of Tesla the news reached TNBC by the factory workers.
The Model 3 production which began last June has been stricken by a wide range of miseries. Over-reliance on automation has also hindered the production of the Model 3, as it has given birth to bottlenecks in production of the battery.
Interim, Tesla has been set to investing as it sets up its assembly line and work is being commenced on Tesla Y crossover models and SUV’s.
For a free flow of card, the week has expanded to a downshift of $1 billion, which is evident from the recent reporting quarter of a negative $277 million, not counting the cost of solar systems.
As per Musk, the American automobile manufacturer would not fall short of cash in the year 2018. However, Panasonic has been the primary battery manufacturer for the Tesla automobiles. The batteries have been used in all the current models and models into production.