Panasonic plans Tesla battery investment

Yoel Minkoff, SA News Editor

Panasonic's (OTCPK:PCRFY) initial investment in Tesla Motors' battery factory will amount to "tens of billions" of yen, says Chief Executive Kazuhiro Tsuga.

Tesla (NASDAQ:TSLA) founder Elon Musk said in July that he expected Panasonic to contribute 30%-40% of the battery factory’s total cost, which is likely to reach $5B. Tesla will cover about half the amount.

Tsuga also announced that his company would find it desirable for rates to remain stable, and that the dollar rising as high as ¥120 would be "excessive."