This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Tesla Sets Way For Future Growth

Stocks in this article: TSLA PC

NEW YORK ( TheStreet) -- As Tesla Motors (TSLA) continues to up production of the Model S and gets ready for the Model X, the company has signed an agreement with Panasonic (PC) to expand a previous deal giving Tesla more lithium-ion battery cells.

As part of the expanded agreement, Panasonic will now supply nearly 2 billion lithium-ion battery cells over the course of four years to help power the Model S, and Tesla's upcoming utility vehicle, the Model X, which is scheduled to go into production towards the end of next year.

"This expanded agreement with Panasonic is important to Tesla as we continue to increase the pace of production," Tesla Co-Founder and CEO Elon Musk said in a press release. "We look forward to strengthening our relationship with Panasonic, and I'm confident that this partnership will continue to be an integral part of Tesla's success for years to come."

The agreement allows for the acceleration of the electric vehicle market, which Tesla has helped pioneer with its award-winning Model S. Earlier this week, Consumer Reports recommended the Model S, giving the car its much sought-after red checkmark.

In the past, Musk has said that Tesla's parts suppliers have not been able to meet up with demand for the product, noting Tesla could be delivering more units, but the company has had problems keeping up with demand. This agreement goes towards fixing that issue.

The Model S, which has been in the news recently for a couple of car fires, has proven to be exceptionally popular with consumers. During the company's second quarter, Tesla delivered 5,150 units of the Model S, helping the company generate $405 million in sales.

Tesla is scheduled to report third-quarter earnings Nov. 5. Analysts surveyed by Thomson Reuters are expecting the Palo Alto, Calif.-based firm to earn 11 cents a share on $534.6 million in revenue.

Shares of Tesla were higher in pre-market trading, gaining 1.2% to $166.40.

-- Written by Chris Ciaccia in New York

>Contact by Email.

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs