Tesla and Panasonic Freeze Spending on $4.5 Billion Gigafactory
April 11th, 2019Via: Nikkei:
Tesla and Panasonic are freezing plans to expand the capacity of their Gigafactory 1, the world’s largest EV battery plant, as concerns mount on Wall Street about weakening demand at Elon Musk’s car company.
The partners had planned to raise capacity by 50% by next year, but financial problems have forced a rethink, Nikkei has learned.
Tesla is a top maker of electric vehicles, and Panasonic one of the biggest producers of the batteries that power them. These companies are shifting their strategy reflects the EV industry’s thin profits.
