Reports: Panasonic mulls investment in Tesla battery factory

|About: Panasonic Corp. ADR (PCRFY)|By:, SA News Editor

Panasonic (PCRFY) is reportedly considering investing in a lithium-ion battery factory that Tesla is planning to build as part of its strategy of making more affordable electric vehicles.

The "giga" factory would need almost  ¥100B ($979M)  to construct, and would make lightweight batteries for Tesla as well as for Toyota and other automakers.

Panasonic is already Tesla's main supplier of batteries and said it wants to expand its collaboration with the U.S. company, although the Japanese firm declined to comment further.

Last week, Tesla CEO Elon Musk said he expects Panasonic to be a partner in the facility.

Panasonic's shares jumped 5.3% in Tokyo.