Panasonic to begin mass producing new Tesla battery by end-March 2024

A Panasonic Corp's lithium-ion battery, which is part of Tesla Motor Inc's Model S and Model X battery packs, is pictured with Tesla Motors logo during a photo opportunity at the Panasonic Center in Tokyo, ahead of the 2013 Tokyo Motor Show, November 19, 2013. REUTERS/Yuya Shino/Files

TOKYO (Reuters) - Panasonic Corp said on Monday it will begin mass production of a new lithium-ion battery for Tesla Inc before the end of March 2024 at a plant in Japan.

Unveiled by the Japanese company in October, the 4680 format (46 millimetres wide and 80 millimetres tall) battery is around five times bigger than those currently supplied to Tesla, meaning the U.S. electric vehicle (EV) maker will be able to lower production costs.