NEW YORK (TheStreet) -- Shares of Panasonic Corp. (PCRFY) are up 1.02% to $10.64 after the company said it expected to become the sole manufacturer in Tesla Motors Inc.'s (TSLA) planned multibillion-dollar U.S. battery factory, firming up its commitment to the electric car maker's project, Reuters reports.
Panasonic has previously been cautious in its comments about Tesla's plans. The automaker is seeking total investment of around $3 billion in addition to the $2 billion it has pledged to contribute directly, Reuters said.
Panasonic doesn't have a timeframe for a decision on its investment but any expenditure this year would be small, says Yoshio Ito, senior managing executive officer and president of the Japanese firm's automotive and industrial division.
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