Tesla Motors Inc (TSLA): Samsung Battery Deal Reportedly Gets Closer To Completion
Tesla Motors Inc (NASDAQ:TSLA) is getting closer to wrapping up a deal with Samsung Electronics. To keep up with the demand of their vehicles, Tesla has to sign a new partner for batteries other than Panasonic and Samsung seems to be the best contender.
According to Reuters, Tesla and Samsung SDI are nearing the final agreement and they are “90 percent complete.”
The reason why they have not signed yet is because Samsung SDI is insisting that Tesla also buys components like touch screens from Samsung’s other divisions. Tesla Motors Inc (NASDAQ:TSLA) has already finished testing Samsung battery technology for their future car applications.
It is believed that the Samsung batteries would be used on the 2015 Tesla Model S crossover.
Oddly enough, there is one Reuters source that says the two companies are nowhere near the deal. That source says that Samsung’s lithium-ion cells were not as good as Panasonic.
Panasonic is not only a Tesla Motors Inc (NASDAQ:TSLA) supplier, but they are also an investor in Tesla.
Tesla is on track to sell around 21,000 Model S sedan vehicles in 2013. The Model S uses a larger battery pack than many other electric vehicles.
[Source: Reuters]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry