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Panasonic plans Tesla battery investment


Oct 7 2014, 02:38 ET | About: Panasonic Corp. ADR (PCRFY) | By: Yoel Minkoff, SA News Editor


Panasonic's (OTCPK:PCRFY) initial investment in Tesla Motors' battery factory will amount to "tens of billions" of yen, says Chief Executive Kazuhiro Tsuga.


Tesla (NASDAQ:TSLA) founder Elon Musk said in July that he expected Panasonic to contribute 30%-40% of the battery factory’s total cost, which is likely to reach $5B. Tesla will cover about half the amount.


Tsuga also announced that his company would find it desirable for rates to remain stable, and that the dollar rising as high as ¥120 would be "excessive."