Reports claim that Tesla Motors (TSLA) and Panasonic have come to an agreement on the former’s gigafactory.
According to Forbes, Panasonic is expected to invest $1 billion over the course of the factory’s construction, which will cost roughly $5 billion. However, Panasonic will be investing anywhere from $200 million to $300 million to start off the deal.
The deal is also expected to have Panasonic providing the equipment that will be used to create battery cells. Tesla will be handling the part of production that sees those battery cells being put into packs. The new battery gigafactory’s location could be announced as soon as Thursday, reports Forbes.
Recent rumors claim that the Tesla gigafactory is being built in Reno, Nevada. Construction on a large site has been started in the area and it’s going under the name Project Tiger. However, it’s also rumored that work on the site has stopped and all the workers have been laid off. This is possibly due to the contractor being behind schedule.
