Hexbyte – Tech News – Ars Technica | Tesla’s profitable quarter didn’t translate for Panasonic

Hexbyte – Tech News – Ars Technica |

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But Panasonic’s CEO is not letting Elon Musk’s behavior get to him.

Hexbyte - Tech News - Ars Technica | A Tesla with Panasonic batteries
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Visitors inspect a Tesla Co. Model X electric automobile, fitted with Panasonic batteries, on the Panasonic Corp. exhibition stand at the IFA Consumer electronics show in Berlin, Germany, on Friday, Sept. 1, 2017.

In the third quarter of 2018, Panasonic lost $65 million in the branch of the business that makes battery cells to power Tesla’s electric vehicles, according to The Wall Street Journal. The company said it had to add production and hire workers more quickly than expected as Tesla aggressively ramped up to producing 4,300 Model 3 vehicles a week.

In September, the head of Panasonic’s Automotive Division said that the company was on track to complete three new production lines at Tesla’s Gigafactory in Sparks, Nevada, by the end of the year. That would bring the total number of battery-cell-producing lines at the Gigafactory up to 13.

The Model 3 ramp up that ate into Panasonic’s bottom line didn’t have the same effect on Tesla, which posted its first profitable quarter in several quarters last week. It shares soared.

Panasonic, for its part, does not seem to think the dramatic expense increase is in vain. According to Reuters, Panasonic CEO Kazuhiro Tsuga says the company intends to continue investing in capacity at the Gigafactory. Tsuga added t

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