Tesla and Panasonic Have Reached an Agreement On the Gigafactory

cartechboy writes: Tesla's been pretty quiet regarding its upcoming gigafactory lately, but that's about to change. It seems the Silicon Valley startup has reached an agreement with Panasonic in regards to the gigafactory, and Panasonic's going to end up having skin in the game. While the electronics giant was originally skeptical of Tesla's battery factory, it now isn't just on board, it's actually going to participate in the construction of this new facility. It's reported that Panasonic will invest 20 billion to 30 billion yen (194 million to $291 million at current exchange rates), and supply fabrication machinery necessary for cell production. That means Pansonic could end up footing the bill for $1 billion of the total $5 billion anticipated investment required for the gigafactory to get off the ground. If things continue to move forward, the Gigafactory should be online by the end of 2017.