Increasing its previous commitment to lithium-ion battery technology for electric vehicles and homes, Panasonic Corp. said it will spend up to $1.6 billion on Tesla Motor’s Gigafactory.

The investment in the factory, which is being build outside Reno, Nev. and is expected to cost $5 billion, is an attempt by Panasonic to cement its future in automotive electronics, Panasonic President Kazuhiro Tsuga told reporters at CES this month.

Tesla Model S lithium-ion battery Tesla

A Tesla Model S lithium-ion battery pack

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