Panasonic to invest $1.6B in Tesla's Gigafactory

Increasing its previous commitment to lithium-ion battery technology for electric vehicles and homes, Panasonic Corp. said it will spend up to $1.6 billion on Tesla Motor's Gigafactory.

The investment in the factory, which is being build outside Reno, Nev. and is expected to cost $5 billion, is an attempt by Panasonic to cement its future in automotive electronics, Panasonic President Kazuhiro Tsuga told reporters at CES this month.