Tesla has signed a three-year pricing deal with Japan’s Panasonic Corp relating to the manufacture and supply of 2170 lithium-ion battery cells manufactured at its gigafactory in Nevada, US.
The electric vehicle and energy storage system maker made the announcement on 10 June.
The cell pricing agreement started in April and will end on 31 March, 2023.
The agreement sets forth the specific terms between the parties with respect to pricing, planned investments and new technology, as well as production capacity commitments by Panasonic and purchase volume commitments by Tesla over the first two years of the agreement.
The deal was part of an amendment and restatement (2020 GTC), of the general terms and conditions entered into between Tesla and Panasonic in October, 2014.
Among other things, the 2020 GTC modifies the term to expire 10 years after Panasonic achieves certain, undisclosed, manufacturing milestones.