Tesla rises on report Panasonic to build EV battery plant in Kansas

Panasonic Energy India

13/07/2022 19:24

** Shares of Tesla  TSLA.O  rise 3.5% to $723.56 
    ** Panasonic Holdings Corp  6752.T  will invest several
billion dollars in a factory in Kansas to supply a new
high-capacity battery for TSLA's electric vehicles, Nikkei
reports  urn:newsml:reuters.com:*:nL4N2YU382
   ** Panasonic already has a factory in Nevada that supplies
smaller batteries to the EV maker
    ** Both the companies did not immediately respond to Reuters
requests for comment
    ** Shares of other mega-cap growth names including
Amazon.com Inc  AMZN.O , Nvidia  NVDA.O  and Meta Platforms
 META.O  up between 0.2% and 1.5% 
    ** Separately, a unit of Panasonic Holdings is working on
new technology to increase battery energy density by a fifth by
2030, which could boost the driving range of a Tesla's Model Y
 urn:newsml:reuters.com:*:nL4N2YU10Q
    ** Up to last close, Tesla shares have lost roughly a third
of their value so far this year

 (Reporting by Chavi Mehta in Bengaluru)
 ((Chavi.Mehta@thomsonreuters.com;))