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Panasonic shares surge in stark contrast to Tesla's

Investors cheer as EV battery maker moves to mitigate risks

An aerial view of the Tesla Gigafactory near Sparks, Nevada. The plant is said to currently have the capacity to supply more than 500,000 cars annually.   © Reuters

TOKYO/PALO ALTO, U.S. -- Panasonic shares gained nearly 4% in Tokyo on Friday due to news that the big electronics maker is freezing plans to expand the capacity of the world's largest EV battery plant, Gigafactory 1, run jointly with U.S. automaker Tesla.

Investors welcomed Panasonic's decision to reduce its dependence on the automaker and mitigate business risks.

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