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Tesla strikes new Panasonic battery deal as sales and shares soar

EV maker reports flood of orders after slashing China-made Model Y price

PALO ALTO, U.S. -- Tesla will continue buying batteries from longtime Japanese supplier Panasonic until at least 2022 despite the U.S. electric vehicle maker's plans to produce its own cheaper alternative.

Tesla revealed on Monday that it has signed a new pricing agreement with Panasonic for lithium-ion batteries. However, it did not specify whether this involves the 4680 battery cell, a more cost-efficient unit that Tesla unveiled in September last year, which the company said would significantly reduce the cost of electric vehicles.

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