The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
Stocks rose on Friday, but notched weekly losses as investors worried the U.S.-China trade war is hurting economic growth.US Marketsread more
The combination of mounting recession fears, bets on a more cautious Fed and a regular uptick in market volatility could spell more losses.Marketsread more
The therapy, Zolgensma, is a one-time treatment for spinal muscular atrophy — a muscle-wasting disease and leading genetic cause of infant mortality, affecting 1 in every...Biotech and Pharmaceuticalsread more
SpaceX has raised just over $1 billion in financing since the beginning of the year.Investing in Spaceread more
An analyst for Ark Invest, which has a major investment in Tesla, says recent drastic price-target cuts by others on Wall Street are missing the big picture.Investingread more
A federal judge in California has blocked President Donald Trump from building sections of his long-sought border wall with money secured under his declaration of a national...Politicsread more
Former Foreign Minister Boris Johnson is seen as the bookmaker's favorite to succeed outgoing Prime Minister Theresa May.Europe Politicsread more
The race is underway to find a vaccine that can control African swine fever, a highly contagious and deadly viral infection ravaging China's hog population. There is currently...Agricultureread more
Apple bought Tueo Health, which was developing tech to help parents monitor asthma symptoms in children, using a mobile app and commercial breathing sensors.Technologyread more
Tesla and Panasonic were expected to set up a new factory together in China, where they would make cars and lithium ion battery cells under one roof. They have an arrangement like this in the U.S. already at the Tesla Gigafactory 1 in Sparks, Nevada.
Panasonic CEO Kazuhiro Tsuga acknowledged on an earnings call Thursday: "Tesla could in the future launch full-fledged production in China, and we could produce jointly."
However, un-named Panasonic executives painted a different picture, according to Nikkei Asian Review, telling the outlet that plans were "not solidified yet" and "nothing is set in stone." Tesla's delays in making previously expressed production targets for the Model 3 cut about 20 billion yen (about $183 million) from Panasonic's operating profit for the fiscal year ended March 31, the report says. Anonymous Panasonic execs also expressed concern to Nikkei at the way Elon Musk treated Wall Street analysts in a recent earnings call.
When Panasonic became the exclusive supplier of battery cells for Tesla's Model S, Model X and Model 3 electric vehicles, their partnership was seen as a triumph over competitors such as Contemporary Amperex Technology in China and LG in South Korea.
Some other industrial suppliers, including Bosch, have dropped out of the EV battery-production game altogether since Panasonic and Telsa first partnered up on the Gigafactory in 2014. And Panasonic is now working with Toyota to jointly develop batteries for EVs as well.
Model 3 battery and vehicle production problems have plagued Tesla over the past year.
Tesla declined to comment on its relationship and plans with Panasonic. Panasonic could not be immediately reached for comment.