Tesla Gigafactory Nevada is getting a new battery cell production line as Panasonic invests an additional $100 million.
Panasonic sold about $4.5 billion worth of automotive batteries in 2019. This new investment will increase the plant’s capacity by about 10%, to 39 gigawatt-hours per year. Panasonic also plans to improve the energy capacity of its cells by 5%.
Tesla stock, on its part, has been on an incredible run. Shares are up 350% in 2020, crushing comparable returns of the Dow Jones Industrial Average and S&P 500, as well as those of other auto companies.