Panasonic to Raise Funds for Tesla Plant

Panasonic to Raise Funds for Tesla Plant
Image credit: Bloomberg | Getty Images
  • ---Shares

Japan's Panasonic Corp. said on Friday it would raise up to 400 billion yen ($3.86 billion) in corporate bonds, partly because it needs to bring forward its investment in a Tesla Motors Inc. battery factory.

Panasonic plans to respond to brisk demand for the electric car maker's upcoming Model 3 sedan, Senior Managing Director Hideaki Kawai told reporters after the company reported earnings.

"In the near term, strategic investment (from the money raised) would be mostly in Tesla's Gigafactory. There is a need to speed up investment," Kawai said.

(Reporting by Makiko Yamazaki; Editing by Christopher Cushing)

Latest News and Headlines from Reuters

Next Article:
Panasonic to Invest More Than $256 Milli...
OK

This website uses cookies to allow us to see how our website and related online services are being used. By continuing to use this website, you consent to our cookie collection. More information about how we collect cookies is found here.