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Tesla Inc. will have to start producing its own battery cells to meet demand for its EVs, even as it increases purchases from third-party vendors, Elon Musk said in a tweet.
We intend to increase, not decrease, purchases of battery cells from Panasonic, LG and CATL (possibly also from other partners). However, even with our cell phone providers running at top speed, we still anticipate significant shortages in 2022 and beyond, unless we also take action ourselves.
– Elon Musk (@elonmusk) September 21, 2020
Musk, Tesla’s chief executive, made the remarks on the eve of the company’s annual shareholders meeting and “Battery Day” presentation on Tuesday, which is expected to showcase innovations designed to maintain Tesla’s lead in electric cars.
The company’s shares fell as much as 8.4% in after-market trading on Monday after closing at $ 449.39. Musk said what Tesla announces at the event won’t reach high production volumes until 2022 and will impact planned production of its semi-trailer, Cybertruck pickup and new Roadster sports car.
Important note on the launch of Tesla’s battery day tomorrow. This affects long-term production, especially Semi, Cybertruck and Roadster, but what we announce will not reach serious high-volume production until 2022.
– Elon Musk (@elonmusk) September 21, 2020
Tesla’s oldest partner in batteries has been Osaka-based Panasonic Corp.. The two companies jointly operate a massive battery plant outside Reno, Nevada: Panasonic manufactures the cells and Tesla strings thousands of cells into massive battery packs for each car.
But Musk has never liked being dependent on a supplier, and Tesla has smaller-scale deals with Contemporary Amperex Technology Co., or CATL, in China’s Fujian province and LG Chem Ltd. in Seoul.
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