Japan based company dealing in development of diverse electronics technologies and production of consumer electronics Panasonic Corp. (TYO: 6752) has unveiled a prototype car battery for United States leading electric vehicle manufacturer Tesla Inc. (TSLA).
The company’s battery division head, Kazuo Tadanobu, says that the new prototype battery has five times higher storage capacity than the current ones in the market. This development is expected to strengthen partnership between the two companies.
Tadanobu unveiled the new battery for the first time during a media roundtable in which he said the company is not looking into making cheaper Lithium Iron Phosphate (LFP) electric vehicle batteries.
“We have developed this because of the strong desire of the other party, and we think this can only lead to stronger ties,” said Tadanobu.
At the beginning of the year, Panasonic flagged a test line in Japan to make 4680 format battery cells which Tesla said has the ability to store more energy therefore cutting battery costs by 50%.