Panasonic announced today that it will start production of new 4680 lithium-ion batteries for Tesla at its Japanese plant in the fiscal year 2024 (ending March 2024). The battery capacity of the 4680 is about five times that of the batteries currently provided by Panasonic for Tesla, which will help Tesla increase the cruising range of the car and reduce production costs.
In a press release today, Panasonic said that in order to promote the rapid adoption of electric vehicles, the company has been working to strengthen the product lineup of automotive lithium-ion batteries. Currently, Panasonic is developing a new high-capacity lithium-ion battery “4680” in various places in Japan, and will gradually develop production capacity in preparation for a full rollout.
Panasonic said that to produce the 4680 cells, the company will build two new production lines at its plant in Wakayama prefecture in western Japan, with production validation and mass production to begin in the fiscal year ending in March 2024.