Panasonic Bets On New Tesla Battery By 2027

Panasonic (PCRFF) is betting big on a new kind of electric vehicle battery that could change the game for Tesla TSLA. The company said it's aiming to have the technology ready by the end of 2027.

The breakthrough lies in ditching the traditional anode during production. Instead, a lithium metal anode would form after the battery's very first charge. Panasonic says that could give Tesla's Model Y nearly 90 extra miles of range without increasing the pack size. Or, if range stays the same, the battery could be made smaller, lighter, and potentially cheaper.

Investors seemed to like the ambition. Panasonic's shares rose about 3% on the Tokyo exchange Thursday after the update, Reuters reported. For Tesla, the advance could bring both longer range and more affordable options closer to reality.