OSAKA -- Tesla and Panasonic are freezing plans to expand the capacity of their Gigafactory 1, the world's largest EV battery plant, as concerns mount on Wall Street about sales at Elon Musk's car company dipping below estimates.
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Tesla and Panasonic freeze spending on $4.5bn Gigafactory
Japanese company also suspends planned investment in Shanghai plant
Problems with production of the Tesla Model 3, shown here at the Auto China 2018 motor show in Beijing, have hurt the profitability of Panasonic's EV battery business. © Reuters
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